Libya: Oil Acquisition Total Buys Marathon Oil Libya and Acquires Stake in Waha Concessions
The 450 million dollar deal will provide Total with reserves and resources in excess of 500 million barrels of oil. In addition to this, the company will also attain an exploration potential in the Sirte Basin which is under Waha Concessions.
Paris – Total has acquired Marathon Oil Libya which holds a 16.33 % stake in 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). It will also provide a significant exploration potential across the area of 53,000 square kilometers covered by the Concessions in the prolific Sirte Basin. The consideration payment for the transaction is 450 million dollars.
The Waha Concessions currently produce around 300,000 boe/d. Thanks to 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 %), Total (16.33 %), Conoco Phillips (16.33 %) and Hess (8.16 %) jointly own Waha Concessions. The Waha Oil Company, a 100 % NOC owned entity, operates the asset.