Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, inaugurated the 4th Libya Energy and Economy Summit (LEES 2026) yesterday, in the presence of Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Turkish Minister of Energy and Natural Resources Alparslan Bayraktar, along with several officials and representatives of international companies.
Broad international participation
The summit witnessed broad international participation, including 19 companies from France, 17 from the United States, 16 from the United Kingdom, 6 from Italy, and 4 from Turkey, reflecting the growing international interest in Libya’s energy sector.
Libya’s return to its rightful place in the regional and international energy system
In his address, the Prime Minister emphasized that LEES represents a significant annual event in the energy sector and reflects Libya’s return to its rightful place in the regional and international energy system. He stressed that the energy sector is a sovereign and economic decision directly linked to stability, growth, and improved services. The Prime Minister explained that his government has focused during the past period on stabilizing production, improving the efficiency of the operational system, and creating a clearer environment for partnerships and investment.
2025 recorded Libya’s highest daily production rate in 12 years of 1,374,000 barrels per day
He noted that 2025 saw the highest daily production rate, reaching 1,374,000 barrels per day, the highest in over 12 years. This was accompanied by bringing several new fields into production and announcing the first public bidding round for onshore and offshore exploration in over 17 years.
The signing of several strategic agreements and MoU’s: Total Energies, ConocoPhillips & Chevron
The summit included the signing of a package of strategic agreements and memoranda of understanding in the energy sector. The most prominent of these was a 25-year long-term development agreement within the Waha Oil Company, in partnership with Total Energies of France and ConocoPhillips of the United States. This agreement involves investments exceeding $20 billion, financed externally without placing additional burdens on the general budget. The aim is to increase Waha’s production to 850,000 barrels per day, with expected net revenues for the state exceeding $376 billion.
MoU with Egypt
The summit also witnessed the signing of a memorandum of understanding with the American company Chevron to study investment opportunities in exploration, field development, and increasing recovery rates, in addition to the signing of a memorandum of cooperation with the Egyptian government in the areas of exploration, production, and associated logistics.
Regarding the American partnership, the Prime Minister emphasized that these signings were carried out under the direct supervision of his government in the presence of Massad Boulos, Senior Advisor to US President Donald Trump, reflecting the level of international interest in expanding the economic partnership with Libya.
“Green Libya” initiative aims to plant 100 million trees
The Prime Minister also announced the launch of Libya’s Renewable Energy Strategy as part of the country’s efforts to reduce emissions and promote sustainability. He also highlighted the “Green Libya” initiative, which aims to plant 100 million trees, calling on international partners to increase their contributions and translate the initiative into tangible results on the ground more quickly.
The Prime Minister reiterated the government’s continued support for the energy sector and the allocation of the necessary funds for infrastructure development and job creation, ensuring that the summit’s outcomes are translated into practical projects that enhance economic stability and serve the Libyan people.
