Gulf Oil and Gas accountACCOUNT

Total Acquires 16.33% Stake in the Waha Concessions in Libya

Source: www.gulfoilandgas.com 3/2/2018, Location: Africa

Share |
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 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 payment for the transaction is 450 million U.S. dollars.

“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.

Acquisitions and Divestitures News in Libya >>

Thailand >>  6/21/2018 - Shell announced that its affiliates, Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd, have completed the sale of their 22.2222% inte...
Croatia (Hrvatska) >>  6/20/2018 - Eni and INA-INDUSTRIJA NAFTE, d.d. have signed an agreement to enable INA-INDUSTRIJA NAFTE, d.d. to acquire 100% of Eni Croatia b.v., that currently p...

Egypt >>  6/20/2018 - Eni has finalized a 10% stake sale in the Shorouk concession to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company. The Shor...
Norway >>  6/20/2018 - Royal Dutch Shell plc, through its affiliate A/S Norske Shell, has reached an agreement with OKEA AS to sell its entire 44.56% interest in Draugen and...

Norway >>  6/19/2018 - The Norwegian Petroleum Directorate has granted Norske Shell a drilling permit for wildcat well 6304/3-1 in production licence PL 832. Well 6304/3-1 w...
Brazil >>  6/18/2018 - Petrobras, further to the Material Fact of 04/03/2018 and Press Release of 05/23/2018, informs the beginning of the non-binding phase related to the s...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

Oil & Gas Projects in Libya >>

More News

 

Oil & Gas Companies in Libya >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.