Total has acquired Marathon Oil Libya which holds a 16.33% 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 sq kms covered by the Concessions in the prolific Sirte Basin. The consideration payment for the transaction is US$450 million.
‘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,’ said Patrick Pouyanné, Chairman and CEO of Total. ‘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.’
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%), ConocoPhillips (16.33%) and Hess (8.16%) jointly own the Waha Concessions. The Waha Oil Company, a 100% NOC owned entity, operates the asset.
Click here for Marathon Oil’s announcement: Marathon Oil Announces Libya Divestiture for $450 Million