BP will begin exploratory drilling next year on both its onshore and offshore concessions in Libya, the head of the company's operations in the North African country said on Thursday.
"By the end of this year we will have the first of several prospects in the pipeline for (exploratory) drilling starting next year," Hugh McDowell, General Manager of BP Exploration Libya, told the Energy Exchange North Africa Oil and Gas Summit in Tunisia.
"Preparations to start drilling, both onshore and offshore, next year are very well underway," he said.
Furthermore BP in 2007 signed a major exploration and production agreement with Libya's National Oil Company (NOC). The initial exploration commitment is set at a minimum of $900million, with significant additional appraisal and development expenditures upon exploration success in which could reach $6 billion if oil or gas were found.
BP and the LIC will explore around 54,000 square kilometres (km2) of the onshore Ghadames and offshore frontier Sirt basins, equivalent to more than ten of BP's operated deepwater blocks in Angola. Successful exploration could lead to the drilling of around 20 appraisal wells.
Source: Reuter and Sahra Oil Consultancy
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