French Total acquired a 16.33% stake in Libya’s Waha concession from Marathon Petroleum in an acquisition transaction worth $450 million as part of its strategy to expand in the Middle East and North Africa region, Trade Arabia reported.

According to the transaction, Total will have access to reserves and resources of 500 million barrels of oil equivalent (boe), and immediate production reaching around 50,000 boe per day (boe/d) as well as notable exploration potential in the Sirte Basin concession, according to Gulf News.

“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 Pouyanne, Total CEO.