Fossil Energy – Libya
BP has signed a provisional deal with Libya’s state oil company to redevelop the huge Sarir and Messla oilfields in the Sirte basin.
This is the latest move by the supermajor to boost its E&P portfolio and its reserve base as chief executive Murray Auchincloss continues with a strategic shift away from renewables and back into its core upstream business.
As well as evaluating field redevelopment opportunities, the memorandum of understanding signed in London with Libya’s National Oil Corporation (NOC) will see BP assess the exploration potential of adjacent areas and study the country’s unconventional oil and gas potential.
