French major TOTALEnergies has inked an agreement with Libyan authorities, extending the Waha Concessions up to December 31, 2050.
“This agreement sets new fiscal terms allowing to increase the production of these concessions that are currently producing around 370,000 barrels of oil equivalent per day (BOEPD)”, the company says in a statement. “It paves the way for a new phase of investments, including the development of the North Gialo field, which is expected to add 100,000BOEPD of production.
On TOTAL’s side, the signing was done by Patrick Pouyanné, Chairman and Chief Executive Officer of TOTALEnergies, in the presence of Abdul Hamid Dbeiba, Prime Minister of the Government of National Unity. The ceremony was performed during the Libya Energy & Economy Summit in Tripoli.
TOTAL’s statement reiterateded that it has been in the country since 1956, and reaffirmed its long-standing commitment to working alongside its partners to increase Waha’s production, starting with the development of the North Gialo field.
Pouyanné said: “Extending the Waha concession, with its low cost and low emission giant resources offering many opportunities to grow production, fits perfectly with our strategy”.
