BP lifts Force Majeure on Libyan oil exploration

Source: BP 

BP has lifted Force Majeure in respect of its Libyan Exploration and Production Sharing Agreement (EPSA) with the National Oil Corporation (NOC) effective 15th May 2012. Force Majeure has been in place since 21st February 2011. Discussions between NOC and BP have agreed how the impact of Force Majeure will be mitigated in BP’s existing contract terms. The agreement was signed on 29th May by Dr. Nuri Berruien, Chairman of the NOC, and Felipe Posada, Regional President for BP in North Africa, during a visit to Tripoli with Dr. Michael Daly, BP’s Executive Vice President for Exploration.

Dr Michael 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. We look forward to working with the NOC and our partners in the Libyan Investment Authority to safely implement our drilling programme.”

Nuri Berruien, Chairman of the NOC said: ”We thank BP for its commitment to Libya by lifting the force majeure. The NOC will work with BP to deliver the objectives of the EPSA and extends all help and support to BP in order to implement the agreed work program as per existing EPSA terms.”



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs