British Petroleum has announced plans to start its USD 2 billion deep sea drilling program next year under a joint exploration and production agreement with the National Oil Corporation.

Since the lifting of force majeure, in place for 10 months since February 2011, a new agreement between NOC and BP was signed in May.

Mr Michael Daly BP's Executive VP for Exploration said that "We look forward to working with the NOC and our partners in the Libyan Investment Authority to safely implement our drilling program."

Since May, BP has been making plans to resume operations in Libya. These include reopening its Tripoli offices and advertising for contractors for logistics and underwater geological surveying. BP already holds 3D seismic data covering 31,000 square kilometers of offshore blocks in the Sirte basin and onshore Ghadames basin, since the signing of its 2007 Exploration and Production Sharing Agreement with NOC.

The Revolution delayed E&P work of foreign oil companies. BP has now predicted that drilling of exploration wells will start before the end of 2013. The 2007 EPSA committed BP to five offshore and 12 onshore wells.

Source - The Saudi Gazette

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