Register
Login:
Share:
Email Facebook Twitter


London South East - Oil & Gas Investor Evening: Malcy, Echo, Savannah, SDX
Paul Welch speaks at London South East's Oil & Gas Investor Evening


BP Share News (BP.)

Stock Market news at lse.co.uk - RSS News Feeds

Share News for BP (BP.)


Share Price: 557.50Bid: 558.00Ask: 558.20Change: 0.00 (0.00%)No Movement on Bp
Spread: 0.20Spread as %: 0.04%Open: 556.00High: 565.90Low: 554.30Yesterday’s Close: 557.50




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/

(alex.lawler@thomsonreuters.com)(+44 207 542 4087)(Reuters Messaging: alex.lawler.reuters.com@reuters.net)

COPYRIGHT
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.






North Sea Crude-Diffs steady despite limited arbitrage

LONDON, Oct 19 (Reuters) - North Sea crude differentials held steady on Friday despite low exports to Asia as freight rates and backwardation weigh on
[19 Oct '18 17:24]

UPDATE 1-Britain's FTSE stages recovery as investors seek safety

* FTSE 100 reverses losses to close up 0.3 pct* Gains 0.8 pct on the week* FTSE 250 notches up losses for 4th straight week* U.S. dollar lifts multina
[19 Oct '18 17:18]

Intercontinental, Easyjet lead Britain's FTSE lower

(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.3 pct; FTSE250 down 0.7 pct* Intu jumps on takeover bid* Pen
[19 Oct '18 11:14]

UPDATE 2-Aker BP beats Q3 profit forecasts, trims spending

* Quarterly revenue hit a record $1 bln* Capital and exploration spending guidance revised down* Sparebank 1 Markets upgrade share recommendation* Ana
[19 Oct '18 07:28]

Aker BP q3 operating profit beats forecast, spending falls

OSLO, Oct 19 (Reuters) - Aker BP's third-quarter operating profit rose more than expected, helped by a boom in oil prices, the Norwegian oil firm said
[19 Oct '18 06:27]

North Sea Crude-Forties diffs fall on deal, Brent rises on bid

LONDON, Oct 18 (Reuters) - North Sea Forties crude differentials fell on Thursday on a lower priced deal, while differentials were broadly steady in b
[18 Oct '18 17:54]

Russia's Rosneft to invest 600 mln euros in German downstream sector over next five years

BRUSSELS, Oct 18 (Reuters) - Russia's Rosneft, which owns downstream assets in Germany including stakes in a number of oil refineries, plans to invest
[18 Oct '18 15:31]

TENDER-Surgutneftegaz sold 300,000t of Baltic Urals in Nov to BP and Unipec

MOSCOW, Oct 18 Reuters) -* Russia's Surgutneftegaz sold in a spot tender 300,000 tonnes of Urals crude oil for loading from Russia's Baltic Sea ports
[18 Oct '18 10:20]



Share Price, Share Chat, Stock Market news at lse.co.uk
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 lse.co.uk






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.