BP REDEVELOPS LIBYAN OILFIELDS

BP redevelops Libyan oilfields

British oil and gas company BP has signed an agreement with Libya's National Oil Corporation (NOC) that will allow it to assess the situation of the country's giant oilfields and develop them in the future, the company's press office said.

BP REDEVELOPS LIBYAN OILFIELDS

British oil and gas company BP has signed an agreement with Libya's National Oil Corporation (NOC) that will allow it to assess the situation of the country's giant oilfields and develop them in the future, the company's press office said.

"BP has signed a memorandum of understanding with Libya's National Oil Corporation to assess the potential for redeveloping the giant Sarir and Messla oilfields in Libya's Sirte Basin," the press release said.

The company's specialists also intend to assess the potential of the territories adjacent to the deposits and reserves of unconventional hydrocarbons. In the sector, such hydrocarbons include shale gas, shale oil, oil shale, methane and various other energy sources.

The memorandum grants BP access to the NOC's technical data, allowing it to explore the development and exploration opportunities of these deposits in the future. The British company plans to reopen its Tripoli office in the last quarter of 2025.

BP is one of the world's largest oil and gas companies, headquartered in London. It has been active in Libya since the 1960s, participating in exploration in the Sirte Basin and, in 2007, entering into a major agreement with Libya's National Oil Corporation for natural gas exploration. Following the outbreak of the Libyan civil war and the fall of Muammar Gaddafi in 2011, BP announced the suspension of operations in the country, but resumed exploration activities in the Ghadames Basin area in 2024.