4/23/2018
SALMA EL WARDANY
CAIRO (Bloomberg) -- French oil giant Total SA said last month it had acquired Marathon Oil Corp.’s assets in Libya in a $450-million deal.
Not so fast, says the country’s state energy company.
Libya’s National Oil Corp. hasn’t yet approved the transaction and is “discussing arrangements” for the proposed sale with the country’s presidency council, Chairman Mustafa Sanalla said Monday. His assertion suggests the purchase -- which would more than double Total’s production in the North African nation -- won’t necessarily proceed as planned.
“Any transaction of this nature must have the approval of NOC and the Libyan authorities,” Sanalla said in a statement. “Any attempt to conclude the sale prior to this approval would be in breach of the concession’s contractual agreement.”
Total didn’t immediately respond to a request for comment.
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.”
