BP lifts Force Majeure Libyan exploration
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BP lifts Force Majeure on Libyan exploration

7:46 AM, 30th May 2012
BP lifts Force Majeure on Libyan exploration
Dr Michael Daly, Executive Vice President, Exploration, BP.

LONDON, UK: BP has lifted Force Majeure in respect of its Libyan Exploration and Production Sharing Agreement (EPSA) with the National Oil Corporation (NOC) effective from 15 May 2012. Force Majeure has been in place since 21 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 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,” said Dr Michael Daly, Executive Vice President, Exploration, BP.

© WOC News 

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