By Stephen Jewkes
VERONA, Italy, Oct 25 (Reuters) - BP expects to beginexploration with Italian oil major Eni in Libya in thefirst quarter of next year, CEO Bob Dudley told Reuters onThursday.
"I'm not sure about this year since it takes time to set upoffshore rigs but Q1 for sure," Dudley said on the sidelines ofthe Eurasian Economic Forum in Verona.
Eni agreed in October to buy half of BP’s 85 percent stakein a Libyan oil and gas licence and become the operator of theexploration and production sharing agreement in the country.
Dudley said the agreement with Eni did not mean BP wasthinking of pulling out of Libya.
"We remain committed and have plans to expand," he said.
BP does not produce any oil or gas in Libya. It signed theEPSA agreement in 2007 to explore onshore in the Ghadames basinand offshore in the Sirte basin.
Its exploration programme was interrupted in 2011 when civilwar broke out and remains under force majeure.
Dudley said he was very pleased with the deal with Eni,adding the two groups could soon be working on other projects.
"We are looking at a couple of other things with Eni aroundthe world," he said, but declined to say where.
Dudley said BP was also looking to grow in Egypt where it isdeveloping the West Nile Delta project.
He said the expansion plans for the project were expected tobe completed at the end of the year with more expansion furtherdown the road.
BP bought a 10 percent stake in the giant Zohr gas fieldthat Eni discovered in Egypt and had an option to raise thatstake.
"The option expired... We won't be raising our stake forcapital employment reasons," he said.(Reporting by Stephen Jewkes; editing by Francesca Landini andSusan Fenton)