BP returns to Libya; signs $900m exploration deal

30 May 2007 10:33  [Source: ICIS news]

LONDON (ICIS news)--BP has signed a $900m (€669m) gas exploration agreement with the National Oil Company of Libya (NOC) in its first activity in the North African country for 30 years.

 

Chief executive Tony Hayward described the joint venture as BP’s “biggest exploration commitment,” in a statement released late on Tuesday.

 

BP will explore around 54,000 square kilometres of the onshore Ghadames and offshore frontier Sirt basins, said the company, which withdrew from Libya in 1974 when its oil industry was nationalised.

 

“With its potentially large resources of gas, favourably geographic location and improving investment climate, Libya has an enormous opportunity to be a source of cleaner energy in the world,” said Hayward.  

 

The announcement coincided with UK Prime Minister Tony Blair’s visit to the Libyan capital, Tripoli.

 

Last month Dow Chemical signed a joint venture agreement with NOC to operate and expand its cracker complex at Ras Lanuf.

 

($1 = €0.74)

By: Mark Watts
+44 20 8652 3214

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