Libya -Major Agreements Signed & Licensing Round Results Due in February.

Executive Summary

The Libya Energy & Economic Summit (LEES) 2026 opened in Tripoli on January 24, 2026, marking a decisive phase in the nation's energy recovery. Prime Minister Abdulhamid Al-Dbeibeh and NOC Chairman Masoud Suleiman unveiled critical updates on production milestones and the country's first major upstream licensing round in over 17 years. The summit underscored Libya's renewed appeal to international investors, highlighted by high-profile agreements with global majors like Chevron, TotalEnergies, and Eni.

Key Announcements & Agreements

• Licensing Round Results: The government confirmed that results for the upstream licensing round (launched in March 2025) will be announced in February 2026. The round offers 22 onshore and offshore blocks under revised fiscal terms designed to boost competitiveness.

• Waha Concession Amendment: A "First Amendment" to the Waha concession re-entry agreement was signed with TotalEnergies and ConocoPhillips, modernising contractual frameworks to incentivise long-term investment.

• New Partnerships:

  • An MoU was signed with Chevron to assess new exploration and development opportunities.

  • A bilateral MoU was signed between Libya and Egypt to enhance oil and gas cooperation.

Production & Financial Highlights (2025-2026)

• Crude Oil Output: Exceeded 1.4 million barrels per day (bpd) in 2025.

• Total Production: Reached 1.52 million barrels of oil equivalent (BOE) per day in early 2026.

• Revenue: Oil revenues totalled approximately $21.9 billion in 2025, a 15% year-on-year increase.

• Future Target: The NOC reaffirmed its ambition to reach 2 million bpd within three years.

Strategic Projects & Field Updates

• Gas Expansion: The $8 billion Structures A&E offshore project with Eni is scheduled to come online in 2026, adding 750 million cubic feet of gas per day to the grid.

• Field Reactivations: The summit highlighted the successful reactivation of the Mabruk field, record output at the Sharara field, and the highest production levels in over 20 years at Sirte Oil Company.

• Sustainability: The NOC’s “Think Tomorrow” initiative targets near-zero gas flaring by 2030.

International Engagement

U.S. Special Advisor Massad Boulos attended the summit, declaring Libya "open for business" and urging continued institutional strengthening. The event demonstrated strong international support for Libya's trajectory toward stability and economic growth.

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