Total acquires stake in Libya's Waha Concessions
PARIS -- Total has acquired Marathon Oil Libya Limited, 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 MMboe, with immediate production of around 50,000 boed and a significant exploration potential across the area of 53.000 km2 covered by the Concessions in the prolific Sirte basin. The consideration payment for the transaction is $450 million.
The Waha Concessions currently produce around 300,000 boed. 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 boed 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.
