ConocoPhillips COP received approval from the Libya government to acquire Hess Corporation’s HES stake in Waha Oil Company. Libya's state-owned National Oil Corporation and Total Energies TTE are also involved in the current negotiation. Upstream firm Waha Oil usually produces 280,000-300,000 barrels per day (b/d), which feeds into the state's Es Sider grade. TotalEnergies will assist in restoring Libya’s oil production and the development of clean-energy projects. Investors interested in the energy sector might look at the following stock that presently flaunts a Zacks Rank #1.

Source: Libya Today November 24, 2021 15:20 UTC