BP's Libya drilling on hold

1/28/2013

BP's Libya drilling on hold

BY MICHAEL HADDON

LONDON -- Plans for BP to begin drilling for oil and gas in Libya are in serious doubt in the aftermath of the terrorist attack on its gas production plant in neighboring Algeria, the Sunday Telegraph reports.

The newspaper said a BP spokesman told it: "We were due to drill in the second half of this year but we are now reviewing that as a result of the situations in Algeria and Benghazi."

BP signed a $900 million exploration and production agreement with Libya's National Oil in 2007 but suspended the contract in February 2011 because of the civil war that eventually led to the overthrow of Colonel Muammer Gaddafi, the Sunday Telegraph said.

Dow Jones Newswires

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