BP to Resume Exploration Ops in Libya
BP has lifted Force Majeure in respect of its Libyan Exploration and Production Sharing Agreement (EPSA) with the National Oil Corporation (NOC) effective May 15, 2012. Force Majeure has been in place since February 21, 2011. Discussions between NOC and BP have agreed how the impact of Force Majeure will be mitigated in BP's existing contract terms. The agreement was signed on May 29 by Dr. Nuri Berruien, Chairman of the NOC, and Felipe Posada, Regional President for BP in North Africa, during a visit to Tripoli with Dr. Michael Daly, BP's Executive Vice President for Exploration.
Dr. Michael Daly said: "The lifting of Force Majeure is a significant milestone in BP's plans to return to the exploration of onshore and offshore blocks in our existing EPSA contract. We look forward to working with the NOC and our partners in the Libyan Investment Authority to safely implement our drilling program."
"We thank BP for its commitment to Libya by lifting the force majeure. The NOC will work with BP to deliver the objectives of the EPSA and extends all help and support to BP in order to implement the agreed work program as per existing EPSA terms," said Chairman of the NOC Nuri Berruien.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 32 Offshore Rigs
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
- Officials: BP, Eni Interested In Developing Iraq's Majnoon Oilfield (Nov 20)
Company: Libyan National Oil Corporation (NOC) more info
- Engineer: Libya's Sharara Oilfield Still Shut Due To Action By Armed Brigad (Oct 03)
- Libya Oil Output Drops to 5-Month Low on Biggest Field Halt (Oct 02)
- Source: Libya's Sharara Oil Field Reopens After Pipeline Blockade (Sep 05)