Oil Review Africa


Click here to read the latest edition of Oil Review AfricaClick here to read the latest edition of Oil Review Africa
Click Here to View
 
Oil Review Africa e-newsletterOil Review Africa e-newsletter
Click here to view the E-newsletter

Other sites

 

 
 
 

African Farming and Food Processing
 

Libya's NOC interested in Marathon Oil stake in Waha Oil

oil rig octThe Waha Oil Company in Libya, which operates four oil fields, has the capacity to produce 350,000 bpd. (Image source: Kris Krug/Flickr)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.

READ MORE...

Libya crude output exceeds 700,000 bpd in September

Libya’s Marsa al-Hariga port ‘to reopen soon’

twitterFollow @OilReviewAfrica on TwitterfacebookFollow Oil Review Africa on FacebookrssFollow our RSS feed for the latest industry newsacpFind out more about Alain Charles Publishing

Market Price Index

Contact Us

Alain Charles Publishing
University House,
11-13 Lower Grosvenor Place,
London, SW1W 0EX, UK
T: +44 20 7834 7676
F: +44 20 7973 0076
W: www.alaincharles.com

twitterFollow @OilReviewAfrica on Twitter
facebookFollow Oil Review Africa on Facebook
rssFollow our RSS feed for the latest industry news

Copyright © 2014 Alain Charles Publishing Ltd.