Production from the Waha Concessions in Libya has been interrupted in recent years due to civil unrest, but resumed in 2017. (Source: Shutterstock.com)
Hess Corp. completed the sale of its interests in Libya, the U.S.-based independent E&P company said Nov. 15.
TotalEnergies SE and ConocoPhillips Co. acquired Hess’ 8.16% interest in the Waha Concession in Libya in equal shares, according to the company’s release. Terms of the transaction, which was initially announced in November 2021, were not disclosed.
The Waha Concessions in Libya comprise 13 producing fields in the hydrocarbon-rich Sirte Basin. Five large oil fields were discovered between 1958 and 1961 and production started in 1962. Production has been interrupted in recent years due to civil unrest, but resumed in 2017.
As a result of this transaction, TotalEnergies’ interest in the Waha Concessions increased to 20.41% from 16.33%.
In a separate release, TotalEnergies said the acquisition reflects the Paris-based company’s commitment to support Libya’s National Oil Corp. (NOC) in its efforts to restore and increase the country’s oil production, together with reducing gas flaring to increase supply to power plants for additional electricity supply.
“With nearly 70 years of presence in the country, TotalEnergies is firmly committed to working alongside Libya’s National Oil Corporation to develop the Waha fields, provide its expertise in reducing gas flaring and support the country in its energy transition with the development of solar energy projects,” TotalEnergies Chairman and CEO Patrick Pouyanné commented in the release.
TotalEnergies and the NOC are also studying the development of dedicated solar projects to supply electricity to Waha production sites.
In parallel, and in order to increase the country’s renewable electricity supply, TotalEnergies has finalized with its partner Gecol the location and commercial terms to launch a 500 MWp solar plant project South of Misrata.
TotalEnergies has been present in Libya since 1954.
In 2020, TotalEnergies’ production was 84,000 boe/d. This production comes from the offshore Al Jurf field (TotalEnergies, 37.5%), the El Sharara onshore area (TotalEnergies, 15% on block ex-NC 115 and 12% on Block ex-NC 186) and the Waha fields (TotalEnergies, 20.41%).
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