French energy company Total said Friday it spent $450 million to take on Marathon’s holdings in Libya after the latter company announced its divestment. The French company said it moved in on the opportunity after its U.S. counterpart Marathon Oil divested from Libya by acquiring its assets. Marathon’s subsidiary in Libya held a 16.3 percent stake in the Waha concession and the acquisition gives Total access to more than 500 million barrels of oil equivalent reserves. “This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” Patrick Pouyanné, Total’s chairman and CEO, said in a statement . The […]