Eni to acquire half of BP's Libya oil and gas assets - REUTERS

London, OCTOBER 8, 2018 / 7:00 PM
Ahmad Ghaddar, Ron Bousso

Italy’s Eni has agreed to buy half of BP’s 85 percent stake in a Libyan oil and gas license with the aim of resuming exploration next year, the companies said on Monday.

Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, the companies said in a statement.

The companies, along with state-owned National Oil Corp (NOC), signed a letter of intent in London on Monday paving the way for the final deal. They did not disclose financial terms of the transaction.

NOC chairman Mustafa Sanalla said the agreement showed renewed confidence in the war-torn country’s oil and gas sector.

“This agreement is a clear signal and recognition by the market of the opportunities Libya has to offer and will only serve to strengthen our production outlook,” he said.

BP Chief Executive Officer Bob Dudley hailed the deal as an important step “towards returning to our work in Libya”.

Total acquires a 16.33% stake in the Waha Concessions in Libya - TOTAL

2018/MARCH/02

Paris - Total has acquired Marathon Oil Libya Limited which holds a 16,33% stake in the Waha Concessions in Libya. This acquisition will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50.000 barrels of oil equivalent per day (boe/d) and a significant exploration potential across the area of 53.000 square kilometers covered by the Concessions in the prolific Sirte Basin. The consideration payment for the transaction is 450 million U.S. dollars.

“This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” said Patrick Pouyanné, Chairman and CEO of Total. “It builds on the Group’s long-term presence in Libya, a country with very large oil and gas resources, and demonstrates our commitment to continue supporting the recovering oil and gas industry of the country.”

Libya Makes Small Appearance in Hess’ Capex - PETROLEUM AFRICA

Thursday, February 1, 2018

Hess Corporation released its 2018 E&P capital and exploratory budget which amounts to $2.1 billion, the same as 2017.While the majority of the company’s capex will be spent outside of Africa, one country will see a small percentage of it over 2018.

According to Hess, part of the production funds will go to its production operations in Libya, where Hess holds an 8.16% stake as a member of the Waha Oil Company. The Waha Oil Company operates 13 producing fields in the Sirte basin. Five large oil fields were discovered between 1958 and 1961 and production started in 1962. Production has been interrupted in recent years due to civil unrest, but resumed once again in 2017.