Libya's NOC interested in Marathon Oil stake in Waha Oil
Libya's oil minister Abdelbari Arusi revealed that National Oil Corporation (NOC) is considering buying US oil major Marathon Oil's stake in Waha Oil Company
According to a Reuters news report, Waha Oil Company has the capacity to produce 350,000 bpd and manufactures Libya's main light sweet crude grade. The company operates four oil fields, the largest being the Waha oil field. Waha Oil Company manages oil for several companies through its production lines running from the Sirte Basin to the Es-Sider terminal. Hess Corp and ConocoPhillips along with the NOC, are the other two partners in Waha.
Arusi said, "Regarding Marathon, yes, we're interested to buy the stake. Libya would discuss a potential deal with Marathon, though other firms are also interested.”
According to Marathon Oil’s Q2 2013 results report, it has invested up to US$740mn in assets in Libya. He added that in the first quarter, production from Libya accounted for about seven per cent of Marathon's total output, Reuters reported.
Separately, Arusi also revealed that Libya was reviewing terms for existing investors and on how to ease them into the next round of licensing for exploration and production, which will be announced in the first half of 2014.
In September 2013, Libya’s crude oil production exceeded 700,000 bpd, after the Hamada oil field, which recently resumed operations, added 8,000 bpd to the North African nation’s crude production. Currently, the country has a capacity to produce 1.55mn bpd. Libya’s main producing fields are El Feel, El Sharara, Wafa, Brega, Al Jurf and Bouri.