Libya's NOC reconsiders Total-Marathon oil deal

Libya's NOC reconsiders Total-Marathon oil deal

April 23, 2018 - 20:34
Posted in:
Written By: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) said it is reconsidering with the Presidential Council the deal of selling the assets of the US Marathon Oil in Libya's Waha Oil Company to French Total.

The NOC said Marathon did not have its selling transaction approved.

Mustafa Sanallah, the NOC Chairman, said in a statement on Monday that the deal should be approved first by the NOC and then the Libyan authorities, adding that any attempts to get the deal done without the approvals are to be considered a violation of the concessions contract.

"The deal must be beneficial for Libyans given the current security situation in the country, which obliges commitment to operations' budget on time and budgets for the future concessions contacts." Sanallah added.

"We will publish the details of the deal once it has been done." The NOC remarked.

Total said last March it acquired Marathon Oil’s 16.3 percent stake in Waha Concessions that is, 450 million dollars.

Meanwhile, Libyan authorities vowed to take the deal to international courts if the deal, which Waha Oil Company's employees rejected, was done.

A Libyan oil company expressed the desire to buy Marathon Oil's assets, accusing the NOC of ignoring its bid and preferring that of Total.