BP to ink exploration deal with Libya

British Petroleum will announce a US$900 million exploration deal with the Government of Libya, according to The Australian.

The OPEC member is the African continent's second largest oil producer, at 1.7 million barrels per day. It also has natural gas reserves estimated at 1314 billion cubic metres.

The Financial Times reported in January 2006 that BP had entered negotiations over a multi-billion dollar gas exploration and development agreement in Libya. It said discussions involved a liquefied natural gas project that could supply the North American or European markets.

-srbp-