The government of Libya and Libya’s National Oil Corp. (NOC), have endorsed Total’s participation in the Waha concessions within the country’s Sirte basin.
According to an international oil journal, the agreement had called for Total to assist the NOC accelerate the development of the concessions by providing its technologies and expertise; by developing North Gialo and NC 98 fields, which are expected to add production of 180,000 bo/d; and by supporting social responsibility programs in adjacent areas.
The investment plan expects Total to contribute $70 million at the outset, $30 million when North Gialo comes on stream, and $30 million when NC 98 starts running.
Total also will carry out local economic development programs for a 4-year period at a cost of $20 million.
Total acquired a 16.33% working interest in the six Waha concessions by the purchase of Marathon Oil Libya Ltd. (MOLL), a wholly owned affiliate of Marathon Oil Corp in March 2018. The Waha concessions is said to be producing currently about 350,000 boe/d, as the acquisition has also given Total access to reserves and resources in excess of 500 MMboe and exploration potential across the 53,000-sq-km area covered by the concessions.
Waha Oil Co., wholly owned by NOC, serves as operator of the Waha concessions. The NOC (59.18%), Total (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) are joint owners.