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BP resumes explorations in Libya

30 May 2012 08:56 (UTC +04:00)

Baku - APA-Economics. BP, Europeâ€™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.

â€œThe lifting of force majeure is a significant milestone in BPâ€™s plans to return to the exploration of onshore and offshore blocks,â€ Mike Daly, head of exploration at BP, said in a statement.