ConocoPhillips and Total ask for doubled profit to invest more in Al-Waha fields

France’s Total Energy company and the United States’ ConocoPhillips: the two foreign partners of the National Oil Corporation (NOC) in the Waha Oil Company fields, requested an increase of their profit margin from 6.5% to 13% within their share of production – an equivalent to 40.83%. They also said this would be tied to extending the validity of their contracts signed with the NOC to 2046.

This increase 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 Libyan Prime Minister Abdul Hamid Dbeibah.

Bengdara requested 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.

He called for negotiations with the two partners to reach what he described as “mutually satisfactory solutions that guarantee the implementation of Al-Waha’s development program as quickly as possible”.


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