Total buys into Libyan gas concession

Total buys into Libyan gas concessionIllustration purposes only (Image courtesy of Total)

France’s Total has acquired Marathon Oil Libya which holds a 16,33 percent stake in the Waha Concessions in the country.

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 kilometers covered by the concessions in the prolific Sirte Basin.

The consideration paid for the transaction is $450 million, Total said in a statement.

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 statement reads.

The NOC (59.18 percent), Total (16.33 percent), ConocoPhillips (16.33 percent) and Hess (8.16 percent) jointly own the Waha concessions, operated by Waha Oil Company, an entity owned by NOC.

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