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Monday, March 10, 2014
Plans to drill onshore Libya by BP have now been put on the back burner due to the country’s ongoing security issues and growing instability. Three years after the Arab Spring that freed Libya from the dictatorship of Muammar Qaddafi, the country is still struggling to return to some sort of normalcy, which has led to a number of terms to rethink their options in Libya.
BP’s EPSA with Libya covers onshore acreage in Ghadames. The company also has offshore acreage in the central Sirte Basin.
The company said in the annual report that while planning and preparation work on its offshore exploration drilling program continued, “With respect to the onshore exploration drilling program, a security review in June concluded that this could not be safely and securely delivered by BP at this time. Alternative approaches are being considered.”
The company is still in the exploration stage in Libya. Its assets there were worth $472 million at the end of 2013, according to BP’s annual report.
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