Total enters Libya’s Waha concessions

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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.

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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.

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