BP is reconsidering its operations in Libya after the terrorist attack on its gas facilities in Algeria and as industry concerns over security in Libya grow.
The well, operated by the fully owned subsidiary Eni North Africa, will reach a total depth of 14,500 feet and will test a new geological play in the EPSA IV 2008 Contract Area A.
BP PLC expects to start next year deep-sea drilling work off the coast of Libya, as the U.K. oil giant resumes it $2 billion exploration program halted by the rebel overthrow of Col. Moammar Gadhafi's regime last year.
A return to oil production in Libya gave a welcome boost to OMV AG's first-half earnings, but the effects of the North African country's civil war are still being felt, the Austrian oil company said Wednesday.
Libya's state oil company criticized Royal Dutch Shell PLC for its decision to abandon exploration blocks in Libya, and said that Shell "has generally not achieved any encouraging results" in the North African country.
Libya will offer new production-sharing agreements to international oil companies on improved terms to existing contracts, but this won't happen this year, said the country's Minister of Oil and Gas, Abdurahman Benye ...
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.
Shell has decided to quit its Libyan exploration blocks amid insecurity and harsh contracts, in the first such move since the overthrowing of Muammar Gaddafi's regime.
Increased output from Libya, recovering from the turmoil of civil unrest, helped Austria's OMV boost production slightly in the first quarter, the company said in a trading statement released on Tuesday.
The U.S. Securities and Exchange Commission has sent formal requests to Italy's Eni SpA and France's Total SA related to the companies' Libyan businesses, the companies disclosed in regulatory filings.