Total’s acquisition of Marathon Oil last March for a $ 450 million block in the Waha deposits has not yet received the green light from the Libyan authorities. The sale is disputed because of a price deemed low according to some. A counteroffensive by the National Oil Corporation (NOC), the Libyan state oil company, is not to be ruled out, say several sources.
Tripoli is looking at the value of the 16.33% stake to eventually raise funds for a counter-offer with funding from Libya’s Libyan Investment Authority (LIA), a source quoted by Reuters as saying.
The acquisition by Total must give it access to reserves and resources of more than 500 million barrels of oil equivalent, an immediate production share of approximately 50,000 barrels of oil equivalent per day (boe / d) as well as significant exploration potential in the concession area spread over more than 53,000 km2 in the prolific Sirte Basin. Just a green light is waiting.
