This archive report was first published on 11 December 2019.
On December 11, 2019, Total announced its acquisition of a 16.3% stake in Libya's Waha concessions, following approval from the National Oil Corporation (NOC).
The $650 million investment aims to boost production by approximately 180,000 barrels per day. Additionally, the NOC will receive $150 million from Total to support social responsibility and sustainable development programs in areas adjacent to oil operations.
According to Total's Chief Executive Officer, Patrick Pouyanne, the company will work closely with NOC and Waha Oil Company to invest, optimize infrastructure, and develop new reserves for the benefit of all parties.
As part of the agreement, Total will pay $70 million upfront, followed by $30 million after 21 days of continuous production in the North Gialo '6 J Area' project, another $30 million after 21 days of continuous production in the NC98 project, and a further $20 million over the next four years.
The Waha concessions, which currently produce around 300,000 barrels a day, are owned 59.18% by NOC, with Total and ConocoPhillips holding 16.33% each, and Hess Corp. holding the remaining stake.
