BP to resume oil exploration in Libya

BP says it will resume oil exploration in Libya after suspending operations there earlier due to the violent uprising that ousted Moammar Gadhafi.

The oil company said Tuesday it has lifted its "force majeure" declaration that had been in place since Feb. 21. The term is used when an oil company cannot cover the promised supply from a field, and it effectively suspended BP's plans to prepare for drilling in the country.

BP said the agreement to lift force majeure was signed Tuesday in Tripoli by Nuri Berruien, chairman of Libya's National Oil Corp., and Felipe Posada, BP's regional president in North Africa during a visit with Michael Daly, BP's executive vice president for exploration.

Daly called the lifting of force majeure a "significant milestone" in BP's plans for Libya.

(Source: Bloomberg Businessweek)

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