Petroleum Africa
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Friday, October 4, 2013
National Oil Corp. (NOC), Libya’s state-run oil and gas firm, is considering picking up an additional stake in the Waha Oil Co., a JV between NOC, Hess Corp., ConocoPhillips, and Marathon Oil. The state-run firm could acquire Marathon’s stake in the JV according to the North African country’s oil minister Abdelbari Arusi.
Near the end of July rumors had Marathon reviewing its holdings in the country and contemplating a sale of the stake. A statement by Arusi at an industry event in London confirmed that the US firm was selling its stake, “Regarding Marathon, yes, we’re interested to buy the stake.” He went on to say that Libya would discuss a potential deal with Marathon, although other firms have also expressed interest in the stake.
The Waha Oil JV company has a capacity of 350,000 bpd and in Q1 2013 production from Libya accounted for about 7% of Marathon’s total output.
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