Libya’s UN-backed internationally recognized government has suspended the Libyan operations of as many as 40 foreign companies, including those of France’s oil and gas supermajor Total, Reuters reported on Thursday, citing a government official. According to the Tripoli-based government of national accord (GNA), the licenses of those 40 foreign firms had expired. Total has several exploration and production (E&P) operations in Libya, and just last year, the French major boosted its upstream Libyan operations by acquiring the 16.33-percent stake of the Waha oil concessions held by U.S. Marathon Oil Corporation for US$450 million in cash. The acquisition gave Total access to reserves and resources of more than 500 million barrels of oil equivalent, with immediate production of around 50,000 barrels of oil equivalent per day (boed) and a significant exploration potential in the prolific Sirte Basin, the French company said at the time, noting that the acquisition was part […]