TotalEnergies secures long-term extension for Libya’s Waha Concessions

French lipid and state institution TotalEnergies has secured an hold for the onshore Waha Concessions successful the Sirte Basin successful Libya until the extremity of 2050.

This follows an statement signed by Patrick Pouyanné, president and CEO of TotalEnergies, connected 24 January during the Libya Energy & Economy Summit successful Tripoli. The signing ceremonial was attended by Abdul Hamid Dbeiba, the Prime Minister of Libya.

The hold introduces revised fiscal presumption intended to boost accumulation from the Waha Concessions, which presently output astir 370,000 barrels of lipid equivalent per time (boepd).

A important improvement planned nether this statement is the North Gialo field, which is expected to summation accumulation by 100,000boepd pursuing its development.

The Waha Concessions are jointly held by Libya’s state-owned NOC (59.16%), TotalEnergies (20.42%) and ConocoPhillips (20.42%). Concession operations are managed by the NOC-owned Waha Oil Company.

Pouyanné said: “As we observe 70 years of beingness successful Libya, we are pleased to motion this agreement, and I would similar to convey the Libyan authorities for their continued support, successful peculiar Dr. Khalifa Rajab Abdulsadek, Minister of Oil and Gas of Libya and Masoud Suleman, president of the National Oil Corporation (NOC).

“Present successful the state since 1956, TotalEnergies reaffirms its long-standing committedness to moving alongside its partners to summation Waha’s production, starting with the improvement of the North Gialo field. Extending the Waha concession, with its low-cost and low-emission elephantine resources offering galore opportunities to turn production, fits perfectly with our strategy.”

Earlier this month, the Waha Oil Company successfully reduced state flaring astatine the North Defa tract by 20 cardinal cubic feet per day. This was achieved done attraction and commissioning efforts connected the state compressor.

In November 2022, TotalEnergies and ConocoPhillips associated acquired an 8.16% involvement successful the Waha Concessions from Hess. This transaction accrued TotalEnergies' involvement from 16.33% to 20.41%.

The acquisition aligned with TotalEnergies' efforts to collaborate with NOC successful expanding lipid accumulation and reducing state flaring to supply further energy for powerfulness plants.

TotalEnergies signed an statement with NOC successful precocious 2019 aimed astatine assisting the improvement of the Waha Concessions done technological expertise and societal work programmes. The statement outlined commitments of $70m (€58.96m) upfront from the French company, followed by 2 further contributions of $30m each erstwhile North Gialo and NC 98 travel online.