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2018-03-04 10:45:00

TOTAL BUYS IN LIBYA

TOTAL BUYS IN LIBYA

REUTERS - French energy company Total (TOTF.PA) substantially raised its presence in Libya with the purchase of a 16.33 percent stake in Libya's Waha concessions from U.S. Marathon Oil (MRO.N) for $450 million on Friday.

The deal will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent (boe), with immediate production of around 50,000 boe/d (per day) and"significant exploration potential" in concessions in the Sirte Basin, the company said in a statement.

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Tags: TOTAL, LIBYA
Chronicle:
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