French oil company Total has strengthened its positions in Libya’s energy market after the acquisition of a 16,33 percent share in the major Waha oilfield. The cost of the deal is estimated at $450 million. A week after the agreement was signed, the French Ambassador to Libya Brigitte Curmi has met Fayez Al-Sirraj, Head of the Government of National Accord (GNA). During the meeting, which was attended by representatives of Total and the GNA-owned National Oil Corporation, the French side announced its intention to increase the investments into the Libyan energy sector due to the rising oil production and a reliable political course taken by Sirraj. In turn, the Head of GNA welcomed the partnership between Total and the National Oil Corporation, pledging to support the French company.

“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,” said Total CEO Patrick Pouyanne.

In the current circumstances, both sides pursue political goals aside of the economic meaning of the deal. Sirraj is interested in convincing France to choose GNA as its exclusive partner and to cancel co-operation with the so-called eastern-based government. In turn, Paris seeks to preserve the balance between the two rival Libyan powers who have split the oil production between them. The contract with GNA should not harm the relations with Tobruk, as the latter controls El-Sider port terminal necessary for exporting oil from Waha field to the global market.

With this kind of neutrality, the French authorities are able to simultaneously exert influence on GNA and the Eastern government, pursuing its economic interests in the Libyan oil market and in Northern Africa as a whole.