Total increases stake in Libya-based Waha Oil

French energy company Total said it acquired a 16.33 percent stake in Libya’s Waha concessions from Marathon Petroleum in a $450 million transaction.

The deal gives Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50,000 barrels of oil equivalent per day.

“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.

“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.”

Libya’s oil company, NOC, still holds a majority 59.18 percent of Waha.

Total’s acquisition now puts it on par with Conoco Phillips which also has 16.33 percent stake in Waha. U.S.-based Hess, holds 8.16 percent on the concession.

CGTN