According to Dow Jones report, recently, Total spent 450 million U.S. dollars from the Libya subsidiary of the Marathon Oil Company to acquire about 16% of the Libya Waha oil field.
Total said that through this transaction, it will obtain more than 500 million barrels of oil equivalent of oil reserves, making production reach 50,000 barrels per day of oil equivalent in the short term.
The Waha oil field is operated by the Libyan National Oil Company (LNOC) and holds approximately 59% of the shares. Other shareholders include ConocoPhillips, which holds 16% of the shares, and Hes Corp, which holds 8% of the shares.
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