Bloomberg News

BP Resumes Exploration in Libya After War That Ousted Qaddafi

May 29, 2012

BP Plc (BP/), Europe’s second-biggest oil company, said it will begin exploring in Libya again after the civil war last year that ousted Muammar Qaddafi from power.

BP has lifted the declaration of force majeure, a legal clause that allows companies to miss deliveries because of circumstances beyond their control, it said in a statement today. The state-run Libyan National Oil Corp. also said today that BP will resume operations after suspending them in February last year.

BP signed a contract in 2007 committing it to drill five offshore and 12 onshore wells in the North African country. After collecting seismic data, the civil war prevented BP from starting drilling.

“The lifting of force majeure is a significant milestone in BP’s plans to return to the exploration of onshore and offshore blocks,” Mike Daly, head of exploration at BP, said in a statement.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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