The National Oil Corporation (NOC) board has announced NOC’s approval of Total’s acquisition of Marathon Oil Libya Limited (MOLL)'s stake in the Waha concessions, which represents 16.33% of the concessions, with the NOC keeping 59.18% of the concessions. NOC Chairman Mustafa Sanallah said as a technical partner, Total will bring the right technology and experience to be able to deliver these gains, adding that NOC believes that Total is better placed to acquire MOLL’s stake in the Waha concessions than any other option. NOC said it had secured a 150 million USD signature bonus to be allocated for corporate social responsibility, as we believe in the importance of implementing concrete projects. NOC also said it will directly supervise the implementation of these projects in line with its community support criteria and values. After the new deal, The NOC now holds (59.18%), Total (16.33%), ConocoPhillips (16.33%) and Hess (8.16%) as joint owners of the Waha Concessions, knowing that Waha Oil Company is a 100% NOC owned entity and it operates the asset.

Source: Libya Observer December 11, 2019 18:56 UTC