On Jan. 24, during the Libya Energy & Economy Summit in Tripoli, TotalEnergies signed an agreement extending the Waha Concessions offshore Libya.
TotalEnergies signed an agreement extending the Waha Concessions offshore Libya up to Dec. 31, 2050.
The agreement sets new fiscal terms allowing to increase the production of these concessions which are currently producing about 370,000 boe/d. It also allows for a new phase of investments including the development of North Gialo field, which is expected to add 100,000 boe/d of production.
The Waha oil concessions are operated by the Waha Oil Co. which is fully owned by Libya’s National Oil Corp. (NOC, 59.16%) with partners TotalEnergies (20.42%) and ConocoPhillips (20.42%).
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
