French oil and gas company Total has acquired Marathon Oil Libya for $450m.
As part of the deal, Total also acquired a 16.33% interest in the Waha oilfield in Libya.
A concession for the field is also jointly owned by NOC with a 59.18% stake, ConocoPhillips with a 16.33% stake and Hess with an 8.16% share. The asset is operated by Waha Oil Company, which is a wholly-owned entity of NOC.
The acquisition will provide Total with access to reserves and resources, totalling around 500 million barrels of oil equivalent (mboe).
The transaction is expected to give Total an immediate production capacity of approximately 50,000 barrels of oil equivalent per day (boe/d).
In addition, the acquisition will enable a significant exploration potential across a 53,000km2 area in Sirte Basin.
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By GlobalDataTotal chairman and CEO Patrick Pouyanné said: “This acquisition is in line with Total’s strategy to reinforce its portfolio with high-quality and low-technical cost assets, while supporting our historic strength in the Middle East and North Africa (MENA) region.
“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 oilfield is currently capable of producing approximately 300,000 boe/d. The crude oil output is expected to significantly increase and surpass 400,000 boe/d by 2020.