The Tripoli-based Government of National Unity officially approved today selling shares of the U.S. Hess Corporation in the Waha oilfield to France’s Total Energies and U.S. Conoco Phillips.
Government spokesman Mohammed Hammouda made the announcement today at a press conference in Tripoli, telling reporters that Hess Corporation’s 8.16 percent stake in the oil license is expected to be split equally between France’s TotalEnergies (4.08 percent) and ConocoPhillips (4.08 percent).
The agreement in question had been reached by the companies a year ago, but had attracted some opposition at the national level in view that a new government should decide on the matter after the December 2021 elections, which failed take place until today.
The agreement had been delayed by the Libyan Administrative Control Authority, but it looks like it’s unlocked now. The Waha oilfield, located in the eastern Sirte basin, boasts a production capacity of nearly 400,000 barrels of oil per day. The operator is the National Oil Corporation (NOC), a state-owned oil company.