TotalEnergies SE and ConocoPhillips Co. have completed joint acquisition of Hess Corp.’s interest in the Waha concessions in Libya, TotalEnergies and Hess said in separate releases Nov. 15.
The two companies will evenly split Hess’s 8.16% interest in the concessions, adding to their existing 16.33% shares.
The concessions, in Sirte basin, contain 13 producing fields. Five large oil fields were discovered between 1958 and 1961 and production began in 1962. Following interruptions in recent years due to civil unrest, production resumed in 2017.
To support Waha development, TotalEnergies and Libya’s National Oil Corp. (NOC) are studying solar power to Waha production sites, TotalEnergies said. TotalEnergies, with partner Gecol, has finalized a location and commercial terms to launch a 500-megawatt peak solar plant project South of Misrata. The projects are expected to reduce gas flaring and increase Libya’s renewable electricity supply, the company said.
Waha Oil Co., wholly owned by NOC, serves as operator of the Waha concessions.
