Maghreb Edition

Libya: French oil company Total to buy Marathon Oil’s stake in Libya’s Waha oil concessionsF

Posted On 11 December 2019

Number of times this article was read : 450

Libya’s National Oil Corporation said Tuesday it had agreed to let French oil giant Total buy US outfit Marathon Oil’s 16.33-percent stake in the country’s Waha oil concessions for $650 million (586 million euros). The NOC said in a statement it had approved the deal after consulting the government of national unity in Tripoli. Total would invest the money to develop the concessions, it added. The Waha oil fields currently produce 300,000 barrels a day.  The NOC would also receive $150 million to fund social responsibility and durable development programmes near the oil sites, said the statement.

In March 2018, Total announced that it had acquired Marathon Oil Libya for $450 million, which held a 16.33-percent stake in the Waha oil fields. The following month, the NOC said it wanted to re-examine the deal, which
was done before they had received authorisation from the Libyan authorities. The other shareholders in the  Waha field are the NOC with 59.18 percent, ConocoPhillips with 16.33 percent and Hess with 8.16 percent. Waha Oil is totally held by NOC. Libya currently produces around 1.2 millions barrels of oil a day, compared to the 1.6 million bpd produced before the fall of dictator Moamer Kadhafi in 2011.

By AFP

Subscribe to Urgent Notifications and Newsletter

Most Recent Stories from the Region

North African Countries Among World’s Cheapest for Gasoline, Lead Global Rankings$

North African countries currently rank among the cheapest places in the world to buy gasoline, according to international price data published in late April 2026. The global average pump price for gasoline stood at around $1.49 per liter, while several North African producers were charging less than half that level. Libya, Algeria and Egypt all sit among the most affordable markets globally — though two non-African countries, Venezuela and Iran, rank between Libya and the rest of the African group in the worldwide table.

Libya: A drifting Russian gas tanker threatens the Mediterranean$

Since March 3, 2026, the Russian LNG tanker Arctic Metagaz, 277 meters long, has been drifting off the Libyan coast. Loaded with 62,000 tons of liquefied natural gas (LNG), 900 tons of diesel, and 450 tons of heavy fuel oil, it poses the risk of an environmental disaster for the Mediterranean basin. Amid repeated failures to tow the vessel, accusations of Ukrainian sabotage, and the powerlessness of Libyan authorities, the Mediterranean is on high alert.

Written by The North Africa Journal

The North Africa Journal is a leading English-language publication focused on North Africa. The Journal covers primarily the Maghreb region and expands its general coverage to the Sahel, Egypt, and beyond, when events in those regions affect the broader North Africa geography. The Journal does not have any affiliation with any institution and has been independent since its founding in 1996. Our position is to always bring our best analysis of events affecting the region, and remain as neutral as humanly possible. Our coverage is not limited to one single topic, but ranges from economic and political affairs, to security, defense, social and environmental issues. We rely on our full staff analysts and editors to bring you best-in-class analysis. We also work with sister company MEA Risk LLC, to leverage the presence on the ground of a solid network of contributors and experts. Information on MEA Risk can be found at www.MEA-Risk.com.