FINANCIAL NEWS

BP to restart oil search in Libya

31 May 2012

(MENAFN) The British-based company BP p.I.c. said it will resume oil search in Libya after halting operations during the violent revolution that unraveled the country’s ruling system, reported the Daily Star.

The oil and gas company lifted their ‘Force Majeure’ declaration that was put into place on February 21, 2011. The declaration is used when unforeseeable circumstances prevent the company from carrying out a terms of a contract.

On Tuesday BP signed a new contract with the Chariman of Libya’s state-run oil corporation.

The agreement allows BP to explore and produce product from five off-shore wells and twelve wells onshore.

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