Total Buys 16% Stake in Waha Oil Field for $450 Million
By Alberto Delclaux
Total SA (FP.FR) said Friday that it acquired a 16% stake in the Waha concessions in Libya for $450 million through the acquisition of Marathon Oil Libya, subsidiary of Marathon Oil Corp. (MRO).
The deal will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of about 50,000 barrels of oil equivalent a day, it said.
The concessions are operated by Libya's National Oil Corp., which owns a 59% stake. The other stakeholders are ConocoPhillips (COP) with 16% and Hess Corp. (HES) with 8%.
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(END) Dow Jones Newswires
March 02, 2018 02:41 ET (07:41 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.