BP to "Give Up Control" of Libya Project

BP is reported to be in talks to relinquish control of a major oil and natural-gas project in Libya.

The Wall Street Journal says the company is negotiating a deal with the National Oil Corporation (NOC) to transfer a stake in its two Ghadames blocks to the NOC subsidiary Arabian Gulf Oil Company (AGOCO), and make it the operator of the venture.

Two executives familiar with the matter told the news agency that BP is seeking to transfer its role as operator of the blocks, located in Libya's southern Sahara region, because of security concerns.

BP isn't pulling out of the project altogether, and still intends to manage its offshore operations, partly from Malta and the rest from the Libyan coastal city of Misrata.

Just last month the NOC issued details of a progress meeting with BP.

(Sources: WSJ, Libya Herald)

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