The French company Total Energy and the United States’ ConocoPhillips: the two foreign partners of the National Oil Corporation (NOC) in the Waha Oil Company fields, requested to increase their profit margin from 6.5% to 13% of their share of production – an equivalent to 40.83%, while extending the validity of the contracts signed with the NOC to 2046.
This is required by the companies in exchange for approving the plan to increase production of the Waha Oil Company’s fields, according to a memorandum recently addressed by the NOC Chairman Farhat Bengdara to the Prime Minister Abdul Hamid Dbeibah.
The two companies’ request came as a condition for contributing to the plan to develop the Al-Waha Oil Company’s fields, according to Bengdara’s memorandum, in which he requested the provision of investments ranging from 15 to 20 billion dollars to implement the plan to increase the production of the Al-Waha Oil Company’s fields to 850.000 barrels per day, explaining the offer made by the two companies.
Bengdara called for negotiations with the two partners to reach what he described as “mutually satisfactory solutions that guarantee the implementation of the company’s development program as quickly as possible,” which is the alternative that he preferred over the option that he had described as an isolated risk when implementing the plans to develop the Al-Waha Oil Company’s fields due to Legal challenges and disputes with partners, as well as the need to secure sufficient financing.
