Total’s Libya Expansion: The Plot Thickens

Marathon says deal concluded 1 March, contradicting Total statement, and its financial statements imply the funds were received in Q1.

Libya’s National Oil Corporation (NOC) may use the funds of the Libya Investment Authority (LIA) the country’s sovereign wealth fund to pre-empt (‘post-empt’ would be more accurate) Total’s $450mn purchase of US firm Marathon Oil’s 16.33% stake in the country’s 300,000 b/d Waha concession, reports suggest.

This comes as further evidence emerges that Marathon and Total may have sought to push the deal through before it attracted scrutiny.

Marathon’s Q1 filings on 2 May seemingly contradict the position given by Total on its own earnings call the previous week. Total says that it gave Libya a full month from the deal being announced on 2 March to raise any objections ( MEES, 27 April ).


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