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Total endorsed to help develop Libya's Waha concessions

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Total endorsed to help develop Libya's Waha concessions

Total SA was endorsed by Libya's National Oil Corp. to participate in developing the Waha concessions in Libya's Sirte Basin.

Under the agreement, Total will develop the North Gialo and NC 98 fields, according to a Dec. 10 news release. The concessions are operated by National Oil Corp. unit Waha Oil Co.

The projects are expected to hike production by 180,000 barrels of oil equivalent per day. The six Waha concessions now have an output of about 350,000 boe/d.

Total will contribute $70 million at the outset, $30 million when North Gialo comes on stream and another $30 million when NC 98 comes on stream.

In March 2018, Total acquired a 16.33% stake in the Waha concessions through its purchase of Marathon Oil Libya Ltd. With the acquisition, Total has access to reserves and resources in excess of 500 million boe and an exploration area of 53,000 square kilometers.

National Oil Corp. holds a 59.18% stake in the concessions, ConocoPhillips Co. owns a 16.33% interest, and Hess Corp. has an 8.16% stake.