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Wednesday, April 25, 2018
Libya Considers Upset in Total/Marathon Deal
The deal between Total and Marathon Oil for a stake in Libya’s Waha concessions could hit a snag. According to a Reuters report, the Libyan government is considering whether to intervene in the deal.
The report said that Libyan officials were considering a range of options ranging from pushing for better terms – after some in the oil industry and the media said the price was too low – to a counter-offer from the state-run firm NOC.
The deal between the two international firms was struck in mid-March with Total agreeing to pay $450 million for Marathon’s 16.33% stake in the Waha Concessions. The deal would add reserves in resources in excess of 500 million boe to the French firm’s totals. It would also give it access to around 50,000 boepd in immediate production.
The Waha Concessions are currently producing around 300,000 boepd. Thanks to the ongoing restart of the existing installations and the resumption of development drilling, the output is expected to ramp up and exceed 400.000 boepd by the end of the decade.
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