LNG

March 2 (LNGJ) - French energy company Total has paid $450 million to Marathon Oil for its stake of just over 16 percent in the Waha concessions in Libya, a former LNG producer whose liquefaction plant was partially destroyed in its civil war. “This acquisition will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50,000 barrels of oil equivalent per day and a significant exploration potential across the area of 53,000 square kilometres covered by the concessions in the prolific Sirte Basin,” said Total. The Libyan LNG plant was shut down in February 2011 as a result of damage sustained during the conflict and repairs were never carried out.