TotalEnergies secures long-term extension for Libya’s Waha Concessions

Core Viewpoint - TotalEnergies has secured an extension for the Waha Concessions in Libya until the end of 2050, aiming to boost production through revised fiscal terms and the development of the North Gialo field [1][2]. Group 1: Agreement and Extension - The extension of the Waha Concessions was signed by TotalEnergies' CEO Patrick Pouyanné during the Libya Energy & Economy Summit, with the presence of Libya's Prime Minister Abdul Hamid Dbeiba [1]. - The revised fiscal terms are designed to enhance production from the Waha Concessions, which currently yield approximately 370,000 barrels of oil equivalent per day (boepd) [2]. Group 2: Production Plans - The North Gialo field is a significant development under the new agreement, expected to increase production by 100,000 boepd [2]. - TotalEnergies has been present in Libya since 1956 and aims to increase Waha's production, starting with the North Gialo field development [5]. Group 3: Stake and Collaboration - The Waha Concessions are jointly held by Libya's state-owned NOC (59.16%), TotalEnergies (20.42%), and ConocoPhillips (20.42%), with operations managed by the NOC-owned Waha Oil Company [3]. - In November 2022, TotalEnergies and ConocoPhillips acquired an 8.16% stake in the Waha Concessions from Hess, increasing TotalEnergies' stake from 16.33% to 20.41% [6]. Group 4: Commitment and Social Responsibility - TotalEnergies signed an agreement with NOC in late 2019 to assist in the development of the Waha Concessions, committing $70 million upfront and additional contributions of $30 million each for future developments [7]. - The Waha Oil Company has successfully reduced gas flaring at the North Defa field by 20 million cubic feet per day through maintenance efforts [5].