Libya’s NOC to withhold Total-Marathon oil deal

Total fuel tanker truck {Photo: Internet}

The Libyan National Oil Corporation (NOC) will withhold Total’s share of crude from the Waha concession as a dispute drags on over the French oil major’s purchase of Marathon’s stake in the concession two months ago, Libyan oil and industry sources said.

Total closed a $450 million deal to buy Marathon Oil’s 16.33 percent stake in Waha in March, but the deal drew criticism in Libya and the NOC is currently examining whether to intervene in one way or another.

Total, which has already paid Marathon for the stake, says it informed the Libyan authorities about the deal in advance and they raised no objections at the time.

However, Total CEO Patrick Pouyanne has also said the two sides are still in talks on some fiscal issues surrounding the deal.

 According to two Libyan oil sources and an industry source with knowledge of the matter, all speaking on condition of anonymity, Total has so far not received any of its share of crude cargoes from Waha.

Total has also not been compensated for the cargoes, one of the sources said.

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