BP plans return to Libya oil exploration

BP Plc said on Tuesday it wanted to return to Libya and resume oil and gas exploration work, which it halted earlier this year due to the uprising against Muammar Gaddafi’s rule.

London-based BP has no oil and gas production in Libya and in February was preparing for the start of exploratory drilling in western Libya when it suspended the effort due to mounting unrest in the north African country.

“We are absolutely planning to go back in and all the signals are that people want us to and expect us to come back,” BP’s Chief Executive Bob Dudley said.

“It’s just a matter of time and we’ll begin an exploration programme.”

Libya was Africa’s third-largest oil producer until the conflict led to a shutdown in supplies. Oil companies including Eni and Total have already resumed some of their Libyan output.

BP in 2007 signed a $900 million deal with Libya, which it described at the time as its largest single exploration commitment. It was planning to drill two wells, one offshore and one onshore.

(Source: Reuters)

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