$140 million for North Global Oil & Gas

File published on
20.08.2011

On December 19th, Total sent an official letter of confirmation of agreement to the Libyan National Oil Corporation. Meanwhile, Total’s Exploration & Production division chief Patrick Pouyanné sent a "confidential" letter to North Global Oil, in which Total acknowledged receipt of the document proving the Vaduz-based company’s rights to block NC-7, and states that, after having made "contact with the Libyan authorities", Total was now in a position to make a new and far more substantial offer. The French oil giant would buy all the rights in question, for which Pouyanné proposes "a one-off payment of $140 million to your company". Naturally, North Global accepted.

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