Libya Signs Deal With Total, Conoco to Boost Oil Capacity

Libya signed a deal with TotalEnergies SE and ConocoPhillips that would more than double production capacity of their Waha Oil venture, with investments likely to reach $20 billion over 25 years.

Under the pact, output is expected to increase to 850,000 barrels per day from about 350,000, Libya’s Minister of State for Communication and Political Affairs Walid Ellafi told Bloomberg.