Libya’s National Oil Corporation (NOC) is interested in buying Marathon Oil‘s stake in the Waha Oil Company, reports Reuters.
Oil and Gas Minister Dr. Abdulbari Alarusi [Al Arusi] (pictured) told a conference in London that Libya would discuss a potential deal with Marathon, although other firms were also interested.
In the first quarter, production from Libya accounted for about 7 percent of Marathon’s total output, but Libya has been struggling to maintain production levels due to strikes an unrest.
Hess Corp and ConocoPhillips along with the NOC, are the other two partners in Waha, which has capacity of 350,000 barrels per day and produces Libya’s main light sweet crude grade.
The likely departure of Marathon and other foreign investors like Exxon and Shell has spurred Libya to revise its tough exploration and production terms.
Arusi said Libya was reviewing terms for existing investors as well as easing them in the next round of licensing, which he expected to be announced in the first half of 2014.