Total acquires 16.33 pc stake in Waha Concessions in Libya

Total acquires 16.33 pc stake in Waha Concessions in Libya

9:25 AM, 2nd March 2018
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PARIS, FRANCE: Total SA has acquired Marathon Oil Libya Limited which holds a 16.33 percent stake in the Waha Concessions in Libya.

This acquisition will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50,000 barrels of oil equivalent per day (boe/d) and a significant exploration potential across the area of 53,000 square kilometres covered by the Concessions in the prolific Sirte Basin. The total consideration payment for the transaction is $450 million.

The Waha Concessions currently produce around 300,000 boe/d. With the ongoing restart of the existing installations and the resumption of development drilling, the output is expected to ramp up and exceed 400,000 boe/d by the end of the decade.

The NOC (59.18 percent), Total (16.33 percent), ConocoPhillips (16.33 percent) and Hess (8.16 percent) jointly own the Waha Concessions. The Waha Oil Company, a 100 percent NOC owned entity, operates the asset.

“This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region. It builds on the Group’s long-term presence in Libya, a country with very large oil and gas resources, and demonstrates our commitment to continue supporting the recovering oil and gas industry of the country,” said Patrick Pouyanne, chairman and CEO of Total.

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