Email Facebook Twitter

EXCLUSIVE: Aura Energy #Aura to IPO Swedish Vanadium prospect Watch Here

EXCLUSIVE: Aura Energy #Aura to IPO Swedish Vanadium prospect

BP Share News (BP.)

Stock Market news at - RSS News Feeds

Share News for BP (BP.)

Share Price: 559.50Bid: 559.50Ask: 559.70Change: -4.90 (-0.87%)Faller - Bp
Spread: 0.20Spread as %: 0.04%Open: 566.10High: 567.10Low: 558.20Yesterday’s Close: 564.40

UPDATE 1-BP plans return to Libya oil exploration

Tue, 25th Oct 2011 16:17

By Alex Lawler

LONDON, Oct 25 (Reuters) - BP Plc said on Tuesday it
wanted to return to Libya and resume oil and gas exploration work, which it halted earlier this year due to the uprising against Muammar Gaddafi's rule.

London-based BP has no oil and gas production in Libya and in February was preparing for the start of exploratory drilling in western Libya when it suspended the effort due to the revolt against Gaddafi's 42-year reign.

'We are absolutely planning to go back in and all the signals are that people want us to and expect us to come back,' BP's Chief Executive Bob Dudley told reporters on Tuesday.

'It's just a matter of time and we'll begin an exploration programme.'

The comments suggest BP expects Libya's new rulers will honour its Gaddafi-era exploration agreement in Libya, a $900 million deal signed in 2007 which BP at the time called its largest single exploration commitment.

Despite some signs Libyan officials are prepared to look again at old contracts, Royal Dutch Shell officials held talks with Libya's National Oil Corporation (NOC) earlier this month and pre-war agreements between the two would be honoured, a source in Libya told Reuters.

Like BP, its Anglo-Dutch rival Shell was also doing exploration work in Libya. Industry analysts have said the two companies may benefit as a result of Britain's early support of the uprising against Gaddafi.

Libya was Africa's third-largest oil producer until the conflict led to a shutdown in supplies. Oil companies including Eni and Total have already resumed some of their Libyan output.

BP has about 90 local employees in Libya, a company spokesman said. It pulled out about 80 expatriate staff and their dependents in February, who have yet to return.

The company was planning to drill two wells in Libya, one offshore and one onshore.

'We remain enthused about the exploration prospects of those two wells,' Dudley said at a news conference to discuss BP's third-quarter earnings.

(Reporting by Alex Lawler; editing by Keiron Henderson) Keywords: BP LIBYA/

( 207 542 4087)(Reuters Messaging:

Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

BP seeks to lease LNG tanker for at least 9 months as day-rates rise

LONDON, June 21 (Reuters) - ** BP Shipping on Thursday notified the liquefied natural gas (LNG) market of its interest in leasing the British Ruby or
[21 Jun '18 16:43]

UPDATE 2-FTSE falls after BoE vote fuels expectations of Aug rate hike

* FTSE 100 down 0.9 percent after positive opening* BoE chief economist votes for rate rise* Sky hits two-month high after Disney move* Oil stocks fal
[21 Jun '18 13:10]

FTSE edges up ahead of BoE policy meeting

(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 edges up as sterling stays at lows* BoE seen keeping interest rates
[21 Jun '18 10:15]

UPDATE 2-Russia's Rosneft sees chance to lift global oil market share

* Rosneft's Sechin says world expecting oil deficit* Rosneft ready to take advantage, increase its global share* Glencore says CEFC deposit under fail
[21 Jun '18 08:39]

UPDATE 1-Australia's Woolworths says BP will not buy its petrol stations

(Adds details)June 21 (Reuters) - Australian retailer Woolworths Group on Thursday said BP PLC's Australian unit would not continue with the purchase
[20 Jun '18 23:41]

Australia's Woolworths says BP will not buy its petrol stations

June 21 (Reuters) - Australian retailing giant Woolworths Group on Thursday said BP PLC's Australian unit would not continue with the purchase of Wool
[20 Jun '18 23:22]

UPDATE 1-Easing trade worries help FTSE climb while Berkeley tumbles

* FTSE 100 up 0.3 pct, mid caps up 0.4 pct* Sterling rises after PM May wins parliament Brexit vote* Berkeley falls after warning on profit slump* Oca
[20 Jun '18 17:50]

For OPEC, oil tariff spat is short-term gain, long-term pain

* China was main Asian buyer of U.S. oil* OPEC producers of light oil looking to fill gap* Trade spat a threat to global economy, energy demandBy Shad
[20 Jun '18 16:33]

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.