Gulf Oil and Gas accountACCOUNT

Total Participates in the Waha Concessions in Libya

Source: www.gulfoilandgas.com 12/10/2019, Location: Africa

Total and National Oil Corporation (NOC), with the agreement of the Government of Libya, signed an agreement to implement Total’s participation in the Waha concessions, located in the Sirte Basin in Libya. Under the terms of this agreement, Total commits to:

- Assist NOC in accelerating the development of the Waha concessions by providing its technologies and expertise; by developing the North Gialo and NC 98 fields, which are expected to add production of 180,000 barrels of oil equivalent per day; and by supporting social responsibility programs carried out by NOC in the areas adjacent to oil operations. To that end, Total will finance contributions of 70M US$ at the outset, 30M US$ when North Gialo will come on stream and 30M US$ when NC 98 will come on stream.

- Carry out by itself local economic development programs, for a global amount of 20M US$, over a 4 year period.

“Total is satisfied to sign this agreement with NOC, with the agreement of the Government of Libya, which definitively endorses our entry into the Waha concessions”, stated Patrick Pouyanné, Chairman and CEO of Total. "We will engage resolutely with NOC and Waha Oil Company in order to invest, optimize the infrastructure and develop new reserves for the benefit of all parties and notably Libya and the Libyans. The agreement, which further extends our close cooperation with NOC, is yet another milestone in our 60-year history in the country.”

On March 1, 2018, Total acquired a 16.33% working interest in the six Waha concessions by the purchase of Marathon Oil Libya Limited (MOLL), a wholly owned affiliate of the U.S.-based Marathon Oil Corporation. The Waha concessions currently produce about 350,000 barrels of oil equivalent per day (boe/d).

The acquisition gives Total access to reserves and resources in excess of 500 million barrels of oil equivalent and a significant exploration potential across the 53,000 square kilometers area covered by the concessions.

The NOC (59.18%), Total (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) jointly own the Waha concessions. Waha Oil Company, wholly owned by NOC, operates the asset.

For more information about related Opportunities and Key Players visit Libya Oil and Gas Projects

Development News in Libya >>

Libya >>  2/17/2020 - Zallaf Z Oil & Gas Exploration and Production Company, a subsidiary of National Oil Corporation (NOC), opened a new operations office in Awinat, to fo...
Morocco >>  2/17/2020 - Sound Energy, the Moroccan focused upstream gas company, announced on 6 November 2019 that the Company had entered into non-binding heads of terms (HO...

Papua-New Guinea >>  1/31/2020 - Papua New Guinea called off negotiations with Exxon Mobil regarding the P’nyang gas project, casting a shadow on a $13 billion plan to double the coun...
Russia >>  1/28/2020 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Vagit Alekperov, President of LUKOIL, took place in Moscow....

Iran >>  1/25/2020 - Iranian Minister of Petroleum Bijan Zangeneh said Iran's Petropars was developing Phase 11 project of South Pars gas field as CNPC International and T...
Russia >>  1/29/2019 - Gazprom Neft has won a licensing round for subsoil prospecting, exploration and production rights to the Severo-Stakhanovsky, Novoromanovsky and Puhut...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Oil & Gas Projects in Libya >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.