Libya

Marathon is a member of the Waha Group, which acquired exploration and production rights in Libya in the mid-1950s. Marathon and ConocoPhillips each hold a 16.33 percent working interest in the Waha Concessions, Hess Corporation an 8.16 percent working interest and the
Libyan National Oil Corporation (NOC) holds a 59.16 percent working interest.

The Group ceased active participation in the Waha Concessions in 1986 following the imposition of trade sanctions by the U.S. government. From 1986 to 2005, the Waha Concessions were operated by the Waha Oil Company, a wholly owned subsidiary of the Libyan NOC. In 2004, the
U.S. government lifted the sanctions on Libya, allowing Marathon and its partners to advance plans to return to the country.

The Concessions, which currently produce approximately 344 gross mbopd, encompass almost 13 million acres in the Sirte Basin. This basin is one of the most prolific oil and gas producing areas of Libya, containing sizable undeveloped oil and gas resources.