Libya’s Tripoli-based government is now open to renegotiating the contractual terms of ConocoPhillips and TotalEnergies, the foreign partners in the Waha consortium (20.41% each: NOC has the remaining 59.18%), which operate a swathe of prime real estate in the country’s Sirte Basin oil heartland (see map).

Production was 281,000 b/d oil and 172mn cfd gas for 2023, with Conoco saying recently that “effective capacity” had risen from 285,000 b/d to 300,000 b/d over the course of last year. Long-stalled multi-$bn investment plans would see output double to 600,000 b/d. But Total and Conoco have repeatedly said that improved terms are needed for them to sign off on the plans. (CONTINUED - 1344 WORDS)