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Total: acquisition in Waha concessions in Libya

(CercleFinance.com) - Total has announced the acquisition of Marathon Oil Libya Limited, which holds a 16.
33% stake in Waha's Libya concessions, a deal which is worth 450 million dollars.

It will give Total access to reserves and resources amounting to over 500 million barrels of oil equivalent (boe), an immediate production share of around 50,000 boe per day and exploration potential of over 53,000 km² in the Sirte basin.

Currently, Waha's concessions produce about 300,000 boe/day. With the rehabilitation of existing facilities and the resumption of development drilling, production is expected to exceed 400,000 boe/day by the end of this decade.

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