The Wall Street Journal reports that Marathon Oil has notified Libya’s National Oil Corporation (NOC) that it is considering selling its stake in Waha Oil, Libya’s largest foreign-oil partnership.
One Libyan oil official said the company’s 16.3 percent stake in the field could fetch $2 billion to $3 billion. ConocoPhillips holds another 16.3 percent, Hess Corp. has 8.2 percent, with the NOC holding the rest.
The NOC is reviewing whether to allow the sale process to proceed but hasn’t yet decided what to do, oil officials said. Libyan Deputy Oil Minister Omar Shakmak said the NOC would have a preferential right to buy Marathon’s stake in the concessions.
Marathon reportedly wants to focus on its domestic shale oil interests, but it a company spokeswoman declined to comment.