French-major TotalEnergies “will buy” US firm Hess’ 8.16% stake in Libya’s Waha Oil Company for $300mn, Prime Minister Abdelhamid Dbeibeh told the country’s parliament on 8 September.
If confirmed, the deal would end Hess’ decades-long presence in Libya and boost Total’s current 16.33% stake in the 300,000 b/d Waha consortium to 24.49%, alongside US-firm ConocoPhillips which holds 16.33% and National Oil Corporation (NOC) 59.18%. Total entered the Waha consortium in 2018, buying US firm Marathon’s 16.33% stake in a deal which was initially blocked by NOC (MEES, 13 December 2019). (CONTINUED - 189 WORDS)
