BP To Start Libya Oil Drilling in 2013

BP (NYSE:BP) plans to begin deep-sea drilling off the coast of Libya next year after it halted those plans in February 2011 following the rebel uprising that led to the overthrow of long-time dictator Moammar Qaddafi.

The oil giant in May lifted force majeure with respect to its 2007 exploration and production sharing agreement with Libya’s National Oil Corp. Since then, BP has been making plans to resume activities, including awarding contracts for logistics, drilling and restoring its offices in Tripoli, a spokesman said.

“We are expecting to start drilling onshore/offshore during 2013,” the spokesman said.

He added that the company currently has no physical operations or production in Libya but has kept its local staff throughout the last 18 months.