French oil and gas company TotalEnergies has secured an extension for the onshore Waha Concessions in the Sirte Basin in Libya until the end of 2050.
This follows an agreement signed by Patrick Pouyanné, chairman and CEO of TotalEnergies, on 24 January during the Libya Energy & Economy Summit in Tripoli. The signing ceremony was attended by Abdul Hamid Dbeiba, the Prime Minister of Libya.
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The extension introduces revised fiscal terms intended to boost production from the Waha Concessions, which currently yield approximately 370,000 barrels of oil equivalent per day (boepd).
A significant development planned under this agreement is the North Gialo field, which is expected to increase production by 100,000boepd following its development.
The Waha Concessions are jointly held by Libya’s state-owned NOC (59.16%), TotalEnergies (20.42%) and ConocoPhillips (20.42%). Concession operations are managed by the NOC-owned Waha Oil Company.
Pouyanné said: “As we celebrate 70 years of presence in Libya, we are pleased to sign this agreement, and I would like to thank the Libyan authorities for their continued support, in particular Dr. Khalifa Rajab Abdulsadek, Minister of Oil and Gas of Libya and Masoud Suleman, chairman of the National Oil Corporation (NOC).
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By GlobalData“Present in the country since 1956, TotalEnergies reaffirms its long-standing commitment to working alongside its partners to increase Waha’s production, starting with the development of the North Gialo field. Extending the Waha concession, with its low-cost and low-emission giant resources offering many opportunities to grow production, fits perfectly with our strategy.”
Earlier this month, the Waha Oil Company successfully reduced gas flaring at the North Defa field by 20 million cubic feet per day. This was achieved through maintenance and commissioning efforts on the gas compressor.
In November 2022, TotalEnergies and ConocoPhillips joint acquired an 8.16% stake in the Waha Concessions from Hess. This transaction increased TotalEnergies’ stake from 16.33% to 20.41%.
The acquisition aligned with TotalEnergies’ efforts to collaborate with NOC in increasing oil production and reducing gas flaring to provide additional electricity for power plants.
TotalEnergies signed an agreement with NOC in late 2019 aimed at assisting the development of the Waha Concessions through technological expertise and social responsibility programmes. The agreement outlined commitments of $70m (€58.96m) upfront from the French company, followed by two further contributions of $30m each when North Gialo and NC 98 come online.
Additionally, TotalEnergies agreed to invest $20m in local economic development initiatives over four years.
TotalEnergies acquired its initial 16.33% interest in the Waha Concessions from Marathon Oil Libya in March 2018. This acquisition provided access to reserves exceeding 500 million barrels and substantial exploration potential across a vast area of 53,000km².
Operating in Libya since 1956, TotalEnergies produces around 113,000boepd across various fields including offshore Al Jurf, and onshore sites such as El Sharara, Mabruk and the Waha Concessions.
