NOC Endorses Acquiring by Total of Marathon Share in Al Waha Oil Company.
Pulbished on:
Tripoli, 11 December 2019(Lana) The National Oil Company NOC has
endorsed sale of share of the American oil company Marathon in the Al
Waha oil company which 16.33% to the French Total.
According to NOC website, it endorsed the deal after lengthy
negotiations with Total which, by virtue of this deal, agreed to
spend $ 650 million in Al Waha concession area to upgrade production
by 180.000 bpd.
The $450 million deal also stipulated welfare program for areas
around to the concession area, whereby the NOC will get $150 million
to support sustainable development projects for local communities.
The NOC Chairman Mustafa Sun'allah said the NOC had agreed to the
deal only after Total pledged to invest $650 million to upgrade Al
Waha concession to increase production especially at Galo fields and
M.N 98 plot.
=Lana=