BP Drops Onshore Exploration Plans

BP has dropped plans to explore in Libya's Ghadames basin because of security concerns.

In its annual report, the company issued the following statement:

"In Libya, BP is in partnership with the Libyan Investment Authority (LIA) to explore acreage in the onshore Ghadames and offshore Sirt basins, covered under the exploration and production-sharing agreement (EPSA) ratified in December 2007 (BP 85%).

"BP’s total assets in Libya at 31 December 2013 were $472 million ($72 million current and $400 million non-current).

"Planning and preparation work towards our offshore exploration drilling programme is continuing.

"With respect to the onshore exploration drilling programme, a security review in June concluded that this could not be safely and securely delivered by BP at this time. Alternative approaches are being considered."

(Source: BP)

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