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FINANCIAL NEWS
BP to start USD2b drilling programme in Libya next year
29 Aug 2012
(MENAFN) Oil and gas giant British Petroleum (BP) will begin its USD2 billion deep-sea drilling project in Libya next year, Reuters reported, citing local media.
BP will implement the programme under a joint exploration and production (E&P) agreement with the National Oil Corporation (NOC), according to Libya Herald newspaper.
Since a new agreement was inked with NOC in May, BP has been working on plans to resume operations in the post-civil war Libya.
The company intends to reopen its Tripoli offices and inviting contractors for logistics and underwater geological surveying.
BP already holds 3D seismic data covering 31,000 km2 of offshore blocks in the Sirte basin and onshore Ghadames basin, since the signing of its 2007 Exploration and Production Sharing Agreement (EPSA) with NOC.
BP expects drilling will start before the end of 2013. The 2007 EPSA committed BP to five offshore and 12 onshore wells.
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