TRIPOLI, Libya: Libya is moving to lock in long-term foreign investment in its energy sector, announcing a sweeping oil development agreement that would tie international partners to the country's production plans for the next quarter-century.

Prime Minister Abdulhamid al-Dbeibah said Libya signed a 25-year oil deal with TotalEnergies and ConocoPhillips on January 24, involving more than US$20 billion in foreign-financed investment.

Signed through Waha Oil Company, the agreement is aimed at lifting Libya's oil production capacity by up to 850,000 barrels per day (bpd) and is expected to generate net revenues of more than $376 billion, Dbeibah said in a post on X.

A source at Waha said the company's daily output typically ranges between 340,000 and 400,000 bpd under normal operating conditions.

Waha, a subsidiary of Libya's state-run National Oil Corporation, operates five major oil and gas fields along with several producing subfields. These assets are linked by pipeline networks that transport crude oil to the Sidra export terminal and natural gas to processing facilities.

Dbeibah said Libya will also sign a memorandum of understanding with Chevron and a separate cooperation agreement with Egypt's oil ministry.

All of the agreements are set to be signed during the Libya Energy and Economy Summit, currently being held in Tripoli.

The deals reflect "the strengthening of Libya's relations with its largest and most influential international partners in the global energy sector," Dbeibah said.

Libya remains one of Africa's largest oil producers, but output has been repeatedly disrupted over the past decade amid political instability. Since 2014, the country has been split between rival administrations in the east and west following the uprising that toppled longtime leader Muammar Gaddafi.