Thursday, 1/10/2020 | 12:38 UTC+0
Libyan Newswire

NOC Endorses Acquiring by Total of Marathon Share in Al Waha Oil Company

Tripoli-The National Oil Company NOC has endorsed sale of share of the American oil company Marathon in the Al Waha oil company which 16.33% to the French Total. According to NOC website, it endorsed the deal after lengthy negotiations with Total which, by virtue of this deal, agreed to spend $ 650 million in Al Waha concession area to upgrade production by 180.000 bpd. The $450 million deal also stipulated welfare program for areas around to the concession area, whereby the NOC will get $150 million to support sustainable development projects for local communities. The NOC Chairman Mustafa Sun'allah said the NOC had agreed to the deal only after Total pledged to invest $650 million to upgrade Al Waha concession to increase production especially at Galo fields and M.N 98 plot.

Source: Libya News Agency