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Monday, November 11, 2013
UK major BP is said to be in talks with Libya’s state-run NOC to relinquish control of its two blocks in the Ghadames Basin. If the company releases its operatorship NOC subsidiary Agoco will take on the role of operator. BP is seeking to transfer its role as operator of the blocks due to security concerns, sources told the Wall Street Journal.
BP and NOC are discussing a farm-in according to reports. Under the possible farm-in Agoco would take on a portion of BP’s 85% stake in the two blocks, and the Libyan company would also agree to operate the blocks.
“We are still evaluating options for progressing the exploration of our onshore acreage in Libya…This is being done in close consultation with the regulator NOC. No agreements have been made,” the BP spokesperson said.
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