BP says to start oil exploration in Libya at beginning of 2019

 

The biggest problem for BP has come from low crude oil prices. Photograph: Luke Macgregor/Reuters

British Petroleum (BP) expects to begin exploration with Italian oil major Eni in Libya in the first quarter of next year, CEO Bob Dudley told Reuters on Thursday.

“I’m not sure about this year since it takes time to set up offshore rigs but Q1 for sure,” Dudley said on the sidelines of the Eurasian Economic Forum in Verona.

Eni agreed in October to buy half of BP’s 85 percent stake in a Libyan oil and gas licence and become the operator of the exploration and production sharing agreement in the country.

Dudley said the agreement with Eni did not mean BP was thinking of pulling out of Libya.

“We remain committed and have plans to expand,” he said.

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