TotalEnergies Extends Waha Concessions in Libya to 2050
- TotalEnergies signed an agreement to extend the Waha Concessions until December 31, 2050.
- The Waha Concessions currently produce around 370,000 barrels of oil equivalent per day.
- The North Gialo field development is expected to add 100,000 barrels of oil equivalent per day.
- Waha Concessions are held by NOC (59.16%), TotalEnergies (20.42%), and ConocoPhillips (20.42%).
Agreement Extension
TotalEnergies has signed an agreement to extend the Waha Concessions in Libya until December 31, 2050. The signing took place during the Libya Energy & Economy Summit in Tripoli, with the presence of key Libyan officials.
Production and Investment
The Waha Concessions currently produce approximately 370,000 barrels of oil equivalent per day. The agreement introduces new fiscal terms aimed at increasing production. A significant part of this plan includes the development of the North Gialo field, which is expected to contribute an additional 100,000 barrels of oil equivalent per day.
Partnership and Ownership
The Waha Concessions are a joint venture held by the National Oil Corporation (NOC) with a 59.16% stake, TotalEnergies with 20.42%, and ConocoPhillips also holding 20.42%. The concessions are operated by Waha Oil Company, which is fully owned by NOC.
Source: TotalEnergies