Total takes 16.33% stake in the Waha concessions in Libya

Total has announced that it has acquired Marathon Oil Libya Limited, which holds a 16.33% stake in the Waha Concessions in Libya. This transaction gives Total access to reserves and resources of more than 500 million barrels of oil equivalent per day (boe/d), with an immediate production of around 50.000 boe/d and a exploration potential across the area of 53 000 km2 covered by the Concessions in the Sirte Basin.

“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. The amount of this operation is more than 365 million Euros.

Photo : © Alfredo Caliz/ Panos-REA