Libya NOC Still Has Faith in BP

Libyan National Oil Company (NOC) Chairman Shukri Ghanem said his company would continue to work with BP in oil exploration in Libya, and that the Deepwater Horizon incident in the Gulf of Mexico has not affected its confidence in the company.

"Exploration drilling in over two thousand meters of water is a new activity and of course, any new activity has effects, but should not stand in the way of scientific progress," Ghanem said.

The NOC Chairman noted that BP was not the only company involved in the incident, and that he would hold off judgment until the final results of the oil spill investigation where completed.

Ghanem discussed with BP Chairman Tony Hayward the details of the Deepwater Horizon incident and BP's efforts to control the oil spill. While the Deepwater Horizon incident was "truly regrettable," what happened to BP could happen anywhere to any company. "Perhaps it is better that this incident involved BP rather than a small company with little experience and fewer resources than BP.

"We will look at what happened as an opportunity to learn how to deal with crises and to resolve them with minimal losses," Ghanem said.