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    Libya’s Future Hangs in the Balance: TotalEnergies’ Battle for Waha Concession Inches Closer to a Tipping Point

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    Libya Staff Writer
    Libya Staff Writerhttps://www.africanboulevard.com
    The African Boulevard Africain Editorial Team brings you Libya news and breaking news headlines in Politics, Economy, Business, Investment and Entertainment. We are unbiased, moved only by the quest for truth.
    Read Time:2 Minute, 11 Second

    Tripoli, Libya – (African Boulevard News) – TotalEnergies, the French multinational energy company, is engaged in discussions with the National Oil Corporation (NOC) of Libya to extend its license for the Waha concession. The company hopes to secure the rights to continue operating in Libya and benefit from the revenue generated by the Waha concession for years to come. However, the NOC is pushing for higher stakes in the negotiations, adding complexity to the talks.

    The Waha concession, located in the Sirte Basin in central Libya, is one of the country’s largest oil fields. It has been operated by TotalEnergies since 2017, and the company has seen significant success in its operations within the concession. With the potential extension of its license, TotalEnergies aims to solidify its presence in Libya and further capitalize on the oil reserves in the area.

    According to sources close to the negotiations, TotalEnergies is keen on extending its license due to the favorable conditions in the Waha concession. The company has made significant investments in infrastructure and technology to maximize production efficiency and ensure a sustainable operation. Extending the license would allow TotalEnergies to maintain stability and continue reaping the benefits of its efforts.

    However, the NOC, as the state oil company of Libya, has its own interests to safeguard. The NOC is responsible for managing Libya’s oil resources and ensuring they benefit the country’s economy and people. As such, they are pushing for a larger stake in the Waha concession to increase revenue and maintain control over the country’s oil resources.

    The discussions between TotalEnergies and the NOC are ongoing, with both parties working towards a mutually beneficial agreement. While negotiations are often complex, industry experts remain optimistic about the outcome, recognizing the importance of foreign investment and collaboration in Libya’s oil industry.

    Jean-Pierre Sbraire, the Chief Financial Officer of TotalEnergies, commented on the discussions, stating, “We have a long and successful history in Libya, and we are committed to continuing our fruitful partnership with the NOC. We believe that by working together, we can overcome challenges and create value for both parties.”

    The potential extension of TotalEnergies’ license for the Waha concession symbolizes the company’s commitment to Libya and its confidence in the country’s oil industry. It also highlights the significance of foreign investment in helping Libya harness its oil resources for economic development.

    As negotiations progress, all eyes are on the outcome of the discussions between TotalEnergies and the NOC. A successful agreement would not only ensure stability for TotalEnergies but also contribute to the growth of Libya’s oil sector, benefiting the country and its people in the long run.

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    Libya Staff Writer

    The African Boulevard Africain Editorial Team brings you Libya news and breaking news headlines in Politics, Economy, Business, Investment and Entertainment. We are unbiased, moved only by the quest for truth.
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