The deal involves more than $20 billion in foreign-financed investment, Libyan Prime Minister Abdulhamid al-Dbeibah said.

Saif al-Islam Gadhafi, the son of former Libyan leader Moammar Gadhafi, has been killed in an apparent assassination at his home in the city of Zintan in northwestern Libya, the head of his political team said on Tuesday.

TotalEnergies has struck a major deal with Libya to extend the production concession of the big onshore Waha assets to 2050. This significant move is another signal to the market about Libya’s plan to further revive a once stagnant oil and gas sector in order to boost oil production beyond the current level of some 1.

That assessment provides a useful frame for Libya today. Libya, like Venezuela, is a resource-rich country, producing a higher-quality oil that is light and sweet in comparison to the heavy “sour” oil that Venezuela produces.

By Enas Alashray and Ahmed Elumami TRIPOLI, Jan 24 (Reuters) - Libya signed a 25-year oil development agreement on Saturday with France's TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion in foreign-financed investment,