BP signs with National Oil Corp for redevelopment of Libyan oilfields
BP PLC on Monday said it signed a memorandum of understanding with Libya’s National Oil Corp to gauge redevelopment opportunities in oilfields in Libya’s Sirte basin.
The London-based oil major said the oilfields of interest are Sarir and Messla, among Libya’s largest. They were discovered in 1961 and 1971, respectively.
William Lin, BP executive vice president gas & low carbon energy, said: ‘This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector. We hope to apply BP’s experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets. We look forward to conducting thorough studies, working closely with NOC, to evaluate the resource potential of this promising region.’
BP shares were 0.8% higher at 374.60 pence on Tuesday morning in London.
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