BP resuming operations in Libya - NOC

BP resuming operations in Libya – NOC

BP will return to Libya to resume oil and gas exploration work, which it halted last year due to the uprising against Muammar Gaddafi's rule, Libya's state oil company NOC said.

May 30, 2012 12:39 by Reuters

BP will return to Libya to resume oil and gas exploration work, which it halted last year due to the uprising against Muammar Gaddafi’s rule, Libya’s state oil company NOC said.

National Oil Corporation (NOC) said its chairman Nouri Berouin held a meeting on Tuesday with BP’s deputy chief for exploration, at the NOC’s headquarters.

“During the meeting, BP announced the lifting of the state of force majeure starting on May 15, 2012, and a return to carry out exploratory activity at onshore and offshore areas belonging to it in Libya,” NOC said in a statement on its website.

London-based BP has no oil and gas production in Libya. In February 2011, it was preparing to start exploration in western Libya when it suspended the work because of unrest.

BP in 2007 signed a $900 million deal for exploration in Libya. It was planning to drill two wells, one offshore and one onshore.

Libya was Africa’s third-largest oil producer before the conflict. Oil companies including Eni and Total have already resumed some of their output in Libya.