Total buys Marathon Oil’s Libyan interest
Total has acquired a 16.33% interest in the Waha concessions in Libya’s Sirte basin with the purchase of Marathon Oil Libya Ltd. for $450 million.
Production of oil and gas from the concessions, now about 300,000 boe/d, is expected to exceed 400,000 boe/d by the end of the decade with the restart of installations and resumption of development drilling.
Libyan oil production, once more than 1.6 million b/d, has suffered since the start of civil war early in 2011. It recovered last year to an average 970,000 b/d from 620,000 b/d in 2016 and this year has reached 1 million b/d, according to the International Energy Agency.
Elsewhere in Libya, Total holds a 37.5% interest in Al Jurf field offshore and 15% of Block ex-NC 115 and 12% of Block ex-NC 186 onshore. The company’s Libyan production last year was 31,500 boe/d.
Marathon Oil has exited seven countries since 2013 as it focuses on US resource plays.