Total buys Marathon stake in Libya for $ 450 million.

Catogory : Market Report

French energy giant Total said on Friday that they have bought a 16.33 percent stake in the Libya’s Waha concession from Marathon Oil in a deal worth $ 450 million.

Total said in a statement that Waha Oil Company owned by Libya’s National Oil Corporation (NOC), currently produces 300,000 barrels of oil per day and is expected to increase to 400,000 barrels by the end of the decade.

The deal will give Total access to reserves and resources estimated at more than 500 million barrels with an immediate production of about 50,000 barrels per day and great potential for exploration in the Sirte basin in the future.

Total already operates in Libya with a production quota of 31,500 barrels per day (bpd) in 2017 with concessions in the offshore rig Jarf and the Sharara oil field.

Total exploration opportunities in the Sirte Basin is about 300,000 bpd, and should exceed 400,000 barrels by the end of the decade, as Total produced 31,500 bpd at several other Libyan fields last year. The Waha Concessions total production is existing installations as well as new drilling resume, Total said. Libya’s National Oil Company owns 59.2% of the concessions, with ConocoPhillips and Hess also holding stakes.