Marathon's Waha Deal is "Off"

Libya has blocked efforts by US company Marathon Oil to sell its stake in Waha Oil Company (WOC).

Oil and Gas Minister Dr. Abdulbari Alarusi [Al Arusi] (pictured) said on Saturday: "They are staying here ... They told us they will continue with us."

Just weeks ago Libya’s National Oil Corporation (NOC) was reported to be interested in buying the stake, but a senior Libyan oil source has said that Marathon decided against selling the stake after talks with NOC. Contracts require foreign oil companies to secure NOC approval for any sale and also give it the right of first refusal in the event of any sale.

"The company has changed its mind," the source told Reuters. "Marathon as a partner indicated its desire to sell its shares. It had talks with the NOC and before receiving approval, I believe things changed for the company. The last I heard the deal was off."

The field has a maximum capacity of 350,000 barrels per day of light sweet crude.

(Source: Reuters, Libya Herald, Rigzone)

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