Oasis Group

The Waha (Oasis) Group acquired exploration and production rights in Libya in the mid-1950s. US oil companies Marathon and ConocoPhillips each hold a 16.33 percent working interest in the group, and Hess has an 8.16 percent stake. The Libyan National Oil Corporation (NOC) holds the remaining 59.16 percent. The concessions cover almost 13 million acres in the Sirte Basin. The Waha Group fields had a pre-war capacity in 2011 of 400,000 barrels per day (bpd).

The Waha concession includes three major projects: Faregh II, NC-98 and North Giato. The international co-venturers reached an agreement with the NOC in 2005 to extend the Waha concession by 25 years and the consortium members expect to produce 500,000 bpd from Waha by 2017.

The majority of international oil companies (IOCs) had the terms of their contracts with the NOC renegotiated in 2008, sparking widely held expectations that the Oasis Group would also be moved to the new agreements, under the new Exploration and Production Service Agreement (EPSA) system. However, there were no reports that the contract with the Group had in fact been re-negotiated as of early 2013.

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