Total Buys $450m Stake in Libya Field

Total SA bought Marathon Oil Corp’s assets in Libya for $450 million, a rare expansion in the war-torn North African nation by a major international company, Bloomberg reported. Total adds the Libyan assets to a string of recent acquisitions, including the $7.45 billion purchase of AP Moller-Maersk A/S’s oil unit and a $1.95 billion offshore deal in Brazil. The agreement represents a vote of confidence in the North African country, which has struggled to maintain its oil production amid years of political turmoil. “This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical-cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” Chief Executive Officer Patrick Pouyanne said in a statement. The acquisition of Marathon Oil’s 16.3% stake in the Waha Concessions in Libya gives Total access to daily production of about 50,000 barrels of oil equivalent, with 500 million barrels equivalent of reserves and resources, according to the statement.