Deal will help Waha production grow by further 175,000 b/d8.16% stake will be split evenly by the two companiesLibya's Government of National Unity has approved the sale of US oil company Hess Corporation's stake in the giant Waha oil concessions to both TotalEnergies and ConocoPhillips, Patrick Pouyanné, CEO of TotalEnergies, said Nov. 22. Critical concessionsBoth TotalEnergies and ConocoPhillips currently have a 16.3% stake in the Waha concessions, which have the capacity to produce almost 400,000 b/d. Libya's state-owned National Oil Corporation is currently the operator on the Waha concessions and is also involved in the current negotiations. This comes amid a push by TotalEnergies to boost its presence in Libya's upstream space by increasing its stake in the Waha oil concessions. TotalEnergies is very active in Libya, with stakes in the Waha, Sharara, Mabruk and Al Jurf oil fields.

Source: The North Africa Journal November 22, 2021 13:59 UTC