BP signed a wide-ranging MoU with Liby’a National Oil Corporation (NOC) this week which could pave the way for a major increase in the firm’s operations in the country. It has been decades since BP had a significant presence in Libya, but last year it kick-started a long-delayed exploration drilling campaign and it now sees the country’s under-developed hydrocarbon resources as a route to accelerating its renewed upstream investment strategy (MEES, 28 February).
In an 8 July announcement, BP says the MoU is “to evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields in Libya’s Sirte basin, including the exploration potential of adjacent areas, and to understand the wider unconventional oil and gas potential within the country.” (CONTINUED – 975 WORDS)
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