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BP to continue Libyan oil exploration

30th May 2012

BP resumes operations in Libya, as safety fears subside in the aftermath of the 2011 uprising against the Gaddafi regime

BP's force majeure on oil exploration in Libya will be lifted following uprisings against Gadhafi

BP says it will resume oil exploration in Libya after suspending operations there earlier due to the violent uprising that ousted Moammar Gadhafi.

The oil company said Tuesday it has lifted its "force majeure" declaration that had been in place since February.

The term is used when an oil company cannot cover the promised supply from a field, and it effectively suspended BP's plans to prepare for drilling in the country.

The agreement to lift force majeure was signed Tuesday in Tripoli by Nuri Berruien, chairman of Libya's National Oil Corp., and Felipe Posada, BP's regional president in North Africa during a visit with Michael Daly, BP's executive vice president for exploration.

Daly called the lifting of force majeure a "significant milestone" in BP's plans for Libya.


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