US firm ConocoPhillips is hoping to conclude a deal with Libya that would boost crude output from the Waha Oil consortium, chief executive Ryan Lance said.
"We're in conversations with them on how we can make Libya more competitive for investment going forward. Both [TotalEnergies] and our company are having conversations with the Libyans," Lance told Argus on the sidelines of the Energy Intelligence Forum in London.
ConocoPhillips and TotalEnergies, which partner Libya's state-owned NOC at Waha Oil, are seeking improved terms before committing to developments including the 100,000 b/d North Gialo project and the 80,000 b/d NC-98 project.
Asked whether a deal was imminent, Lance said: "We hope so. The opportunity is significant."
TotalEnergies chief executive Patrick Pouyanne added: "The day we have something to say, we'll tell you."
Signs of progress have emerged in recent months. The US embassy in Libya said in July that a deal was close, while an NOC source said in August that he expected an agreement to be signed this year.
Waha Oil is central to Libya's long-standing goal of raising crude output to 2mn b/d, up from around 1.4mn b/d. The consortium said it boosted production to a multi-year high of 365,000 b/d in September. It produced 282,000 b/d in 2024 and 280,000 b/d in 2023, according to central bank data.

