Under the terms of this agreement, Total commits to:
- Assist NOC in accelerating the development of the Waha concessions by providing its technologies and expertise; by developing the North Gialo and NC 98 fields, which are expected to add production of 180 000 boe/d; and by supporting social responsibility programmes carried out by NOC in the areas adjacent to oil operations. To that end, Total will finance contributions of US$70 million at the outset, US$30 million when North Gialo will come onstream and US$30 million when NC 98 will come onstream.
- Carry out by itself local economic development programmes, for a global amount of US$20 million, over a 4 year period.
“Total is satisfied to sign this agreement with NOC, with the agreement of the Government of Libya, which definitively endorses our entry into the Waha concessions”, stated Patrick Pouyanné, Chairman and CEO of Total. "We will engage resolutely with NOC and Waha Oil Company in order to invest, optimise the infrastructure and develop new reserves for the benefit of all parties and notably Libya and the Libyans. The agreement, which further extends our close cooperation with NOC, is yet another milestone in our 60-year history in the country.”
On 1 March 2018, Total acquired a 16.33% working interest in the six Waha concessions by the purchase of Marathon Oil Libya Limited (MOLL), a wholly owned affiliate of the US-based Marathon Oil Corporation. The Waha concessions currently produce about 350 000 boe/d.
The acquisition gives Total access to reserves and resources in excess of 500 million boe and a significant exploration potential across the 53 000 km2 area covered by the concessions.
The NOC (59.18%), Total (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) jointly own the Waha concessions. Waha Oil Company, wholly owned by NOC, operates the asset.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11122019/total-to-invest-in-waha-concessions-in-libya/