BP set to resume Libya operations

  • BP is set to resume operations in Libya as stability returns to the country following the 2011 uprising against the Gaddafi regime.

    BP signed an exploration and production agreement with Libya's National Oil Corporation in 2007 but was forced to suspend the contract in February 2011 because of the conflict.

    BP says it could spend up to $20 billion in the country over the next decade.

    The British firm has one onshore and one offshore exploration block in the Bay of Benghazi.

    The company has already spent around $900 million on exploration.

    Oil production levels in Libya currently stand at 1.6 million barrels per day, slightly below pre-war levels of 1.7 million barrels a day.

    Maps: Map of Libya | Where is Libya