Total and Libya’s National Oil Corporation (NOC) inked a new agreement, allowing Total’s participation in the Waha concessions, located in the Sirte Basin in Libya, according to Pipeline Oil and Gas News.
“Total is satisfied to sign this agreement with NOC, with the agreement of the government of Libya, which definitively endorses our entry into the Waha concessions,” Patrick Pouyanné, Chairman and CEO of Total, said.
The deal stipulated that Total would provide its technologies and expertise to Libya’s NOC in order to fast-track the development of the Waha concessions. This is going to be done through developing the North Gialo and NC 98 fields, which are anticipated to increase production by around 180,000 barrels of oil equivalent per day (boe/d).
“We will engage resolutely with NOC and Waha Oil Company in order to invest, optimize the infrastructure and develop new reserves for the benefit of all parties and notably Libya and the Libyans. The agreement, which further extends our close cooperation with NOC, is yet another milestone in our 60-year history in the country,” Pouyanné added.
It is worth noting that Total will contribute with $70 million at the outset, then would add $30 million when North Gialo comes on stream, and another $30 million when NC 98 follows along.