BP inks largest exploration commitment in Libya

BP and its Libyan partner, the Libya Investment Corporation (LIC) have signed a major exploration and production agreement with Libya’s National Oil Company (NOC).

The initial exploration commitment is set at a minimum of $900 million, with significant additional appraisal and development expenditures upon exploration success.

“This is a welcome return to the country for BP after more than 30 years and represents a significant opportunity for both BP and Libya to deliver our long term growth aspirations,” said Tony Hayward, BP group chief executive “It is BP’s single biggest exploration commitment.”

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