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BP Lifts Force Majeure On Libyan Exploration

BP has lifted Force Majeure in respect of its Libyan Exploration and Production Sharing Agreement (EPSA) with the National Oil Corporation (NOC) effective 15th May 2012. Force Majeure has been in place since 21st February 2011. Discussions between NOC and BP have agreed how the impact of Force Majeure will be mitigated in BP’s existing contract terms. The agreement was signed on 29th May by Dr. Nuri Berruien, Chairman of the NOC, and Felipe Posada, Regional President for BP in North Africa, during a visit to Tripoli with Dr. Michael Daly, BP’s Executive Vice President for Exploration.

Dr Michael Daly said: "The lifting of Force Majeure is a significant milestone in BP’s plans to return to the exploration of onshore and offshore blocks in our existing EPSA contract. We look forward to working with the NOC and our partners in the Libyan Investment Authority to safely implement our drilling programme."

Nuri Berruien, Chairman of the NOC said: "We thank BP for its commitment to Libya by lifting the force majeure. The NOC will work with BP to deliver the objectives of the EPSA and extends all help and support to BP in order to implement the agreed work program as per existing EPSA terms."

NOTES: BP's EPSA contract was ratified in December 2007. Since then the company has acquired over 31,000 km2 of 3D seismic data over blocks offshore in the Sirt basin and onshore in the Ghadames basin. The exploration work programme was interrupted in 2011 prior to the commencement of drilling operations. The EPSA contract includes a commitment to 5 wells offshore and 12 wells onshore.

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