Total to acquire Waha Oil Company from Marathon Oil.

Total has acquired Marathon Oil Libya Limited which holds a 16,33% stake in the Waha Concessions in Libya. This acquisition will give Total access to reserves and resources in excess of 500m barrels of oil equivalent, with immediate production of around 50.000 barrels of oil equivalent per day. Waha Oil Company provides oil and gas production and exploration services. It operates as a subsidiary of National Oil Corporation. “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 Pouyanné, Chairman and CEO of Total.