Total in Libya acquisition

Libya

PARIS, March 2, 2018 – France’s Total has acquired Marathon Oil Libya and its 16.33% stake in the Waha Concessions in the North African country for USD 450 million, the super-major announced on Friday.

Its new partners in the field, whose output is around 300,000 boepd, are Libya’s NOC, which operates the asset with a 59.18% interest, ConocoPhillips (16.33%) and Hess (8.16%).

“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, Total’s chairman and CEO, in a statement. “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.”