BP to Resume Libya Exploration

Energy giant BP plc (BP – Analyst Report) expects to resume deep-sea drilling work off the coast of Libya in 2013. The exploration program worth $2 billion was halted by the company in February 2011 following the rebel uprising that led to the overthrow of Col. Moammar Gadhafi’s regime.

In May, BP recommenced its operations in the North African country and is now planning to start the preliminary activities required before drilling work.

The deal – originally signed back in 2007 – included exploration of the frontier Sirte Basin…read more

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