Global energy company, Hess Corporation, announced Wednesday that it has completed the sale of its 8.16% interest in the Waha Concession field in Libya. Hess said this was done in equal shares to TotalEnergies and ConocoPhillips.
As a result of the transaction, French multinational, TotalEnergies’ interest in these concessions increased from 16.33% to 20.41%. Meanwhile, ConocoPhillips’ interest moved from 16.3 % to 20.38%.
Waha Oil Company is a subsidiary of Libya’s National Oil Company.
The sale no doubt increases Guyana’s importance in Hess’ portfolio. At the Stabroek Block, Hess said net production totalled 98,000 barrels of oil per day (bopd) in the third quarter of 2022 compared with 32,000 bopd in the prior-year quarter. For the full year 2022, it said Guyana’s net production is forecast to be approximately 77,000 bopd. Hess has also said it continues to see the potential for six oil floating oil platforms by 2027 with production capacity of more than one million barrels of oil per day. No other asset in Hess’ portfolio is riding on the same trajectory.
TotalEnergies on the other hand was keen to note that the acquisition of the Libya interest reflects its commitment to support the country’s National Oil Corporation in its efforts to restore and increase the country’s oil production, together with reducing gas flaring to increase supply to power plants for additional electricity supply. TotalEnergies and the NOC are also studying the development of dedicated solar projects to supply electricity to Waha production sites.
“With nearly 70 years of presence in the country, TotalEnergies is firmly committed to working alongside Libya’s National Oil Corporation to develop the Waha fields, provide its expertise in reducing gas flaring and support the country in its energy transition with the development of solar energy projects,” said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.
TotalEnergies also has interests in three blocks offshore Guyana—Orinduik, Kanuku and Canje.