On 2 March 2018, Marathon Oil revealed that it had sold its 16.33% interest in the Waha Oil Group to the French group Total for USD 450 million. According to Total the assets have reserves and resources of more than 500 MMboe. The production from the concession is about 300,000 boe/d and the output is expected to reach 400,000 boe/d by the end of 2020. Waha Oil Group is a JV between NOC (operator with 59.17%), Marathon Oil (16.33%), Amerada Petroleum Corp. Libya (8.17%) and Continental Oil Co of Libya (16.3%). Marathon said the companyâs exit from Libya was part of its strategy to focus on high margin, high return US resource plays.
Marathon Oil has struck a deal which will see it sell its stake 16,33% in the Waha concession in Libya to Total for US$450 MM. (National Oil Corporation 59,18%, ConocoPhillips 16,33%) and Hess 8,16%).