Your account already exists. Please login first to continue managing your settings.
U.K. major BP is underway with the process of returning to the exploration of its onshore and offshore blocks in Libya after lifting force majeure in the country.
The company announced that in respect of its Libyan exploration and production sharing agreement (EPSA) with the National Oil Corp. (NOC) effective May 15, force majeure had been lifted after being put in place since February 21, 2011. “Discussions between NOC and BP have agreed how the impact of force majeure will be mitigated in BP’s existing contract terms,” it stated.
The agreement was May 29, by Nuri Berruien, chairman of NOC, and Felipe Posada, regional president for BP in North Africa, during a visit to Tripoli with Michael Daly, BP’s executive vice president for exploration.
Daly said, “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.”
Berruien added, “The NOC will work with BP to deliver the objectives of the EPSA and extend all help and support to BP in order to implement the agreed work program as per existing EPSA terms.”
BP’s EPSA contract was ratified in December 2007 and since then it has acquired more than 31,000 sq km of 3D seismic data over blocks offshore in the Sirt Basin and onshore in the Ghadames Basin.
The exploration work program was interrupted in 2011 prior to the commencement of drilling operations. The EPSA contract includes a commitment to drill five wells offshore and 12 onshore.