BP: Libya NOC E&P Contract Still in Place, Terms Unchanged

LONDON (Dow Jones Newswires), March 17, 2011

BP said its $900 million exploration and production deal with Libya's National Oil Co. remains valid and the terms are unchanged, despite the country's month-old crisis and the threat of sanctions from Western governments.

"At the moment we just have to wait and see [what happens in Libya]. We're monitoring the situation," a BP spokesman told Dow Jones Newswires. "We have a contract with NOC and as far as we know, it remains in place."

BP in February suspended its preparations for onshore drilling after violence broke out across the North African country. Since then, troops loyal to Col. Moammar Ghadhafi's regime have steadily rolled back the rebel advance and re-taken control of most of the country.

Italy's Eni said Wednesday its own ties with Libya hadn't been compromised as a result of the unrest.

Copyright (c) 2011 Dow Jones & Company, Inc.

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