TotalEnergies Secures Waha Extension Through 2050, Targeting Significant Production Expansion

fork_in_the_road · 2026-02-08T14:06:07+00:00

TotalEnergies has extended its Waha Concessions in Libya until 2050, facilitating investment and production growth. The North Gialo field is expected to boost output by 100,000 barrels daily, supporting the company's long-term commitment in the region and positively impacting share prices.

fork_in_the_road

2026-02-08 14:06:07

Abstract generation in progress

TotalEnergies has recently announced a major milestone in its Libya operations with the extension of its Waha Concessions through December 31, 2050. This agreement restructures the fiscal framework governing the assets, establishing favorable conditions for substantial output increases from the current 370,000 barrels of oil equivalent daily production levels.

Unlocking Production Growth Through Waha Development

The newly extended Waha Concessions create a clear pathway for the company’s next phase of capital investment. The cornerstone of this expansion strategy is the development of the North Gialo field, positioned to contribute an additional 100,000 barrels of oil equivalent per day to the company’s production profile. This development represents a critical addition to TotalEnergies’ global energy portfolio, particularly given Libya’s strategic importance in Mediterranean energy markets.

Long-Term Commitment and Market Position

TotalEnergies’ presence in Libya spans nearly seven decades, dating back to 1956, establishing the company as a key stakeholder in the North African energy landscape. During 2025, the company averaged 113,000 barrels of oil equivalent daily production from its Libyan operations. The extended Waha Concessions agreement reinforces the company’s long-term commitment to developing these assets, signaling confidence in the region’s continued operational and commercial viability.

Financial Market Response

Markets responded positively to the announcement, with TotalEnergies shares in Paris trading up 2.09 euros or 1.21 percent to reach 59.19 euros. The positive price action reflects investor optimism regarding the strategic value of the extended concession terms and the production growth trajectory outlined by the company.

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