TotalEnergies and ConocoPhillips have completed their joint acquisition of a minority stake held by US player Hess in Libya's Waha concessions.
As a result of the deal, TotalEnergies’ interest in these concessions increases from 16.33% to 20.41%, while ConocoPhillips holding will also rise to 20.41% after acquiring its half-share of Hess's stake.
Hess used to control an 8.16% interest in Waha, but its priorities are now Guyana and US onshore plays.
TotalEnergies said the acquisition reflects its commitment to support the plan by state-owned National Oil Corporation (NOC) to restore and increase the country’s oil production, together with reducing gas flaring to increase supply to power plants for additional electricity supply.
