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BP lifts force majeure in Libya

May 30, 2012 at 6:41 AM   |   Comments

TRIPOLI, Libya, May 30 (UPI) -- British energy company BP announced it signed a deal with Libya's National Oil Corp. that ends its declaration of force majeure.

BP declared force majeure Feb. 21, 2011, as an uprising against the regime of former Libyan leader Moammar Gadhafi began. The company said that it agreed to lift the declaration with respect to its exploration and production sharing agreement with NOC, effective May 15.

"The lifting of force majeure is a significant milestone in BP's plans to return to the exploration of onshore and offshore blocks in our existing EPSA contract," Michael Daly, BP's executive vice president for exploration, said in a statement from Tripoli.

The BP contract in Libya includes commitments to drill five offshore and 12 onshore wells. Exploration plans were interrupted by the events of 2011 before drilling operations began.

"The NOC will work with BP to deliver the objectives of the EPSA and extends all help and support to BP in order to implement the agreed work program as per existing EPSA terms," NOC Chairman Nuri Berruien said in a statement.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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