BP Plc signed an accord with Libya’s National Oil Corp. to study reviving two huge oil fields in the African nation.
The focus on Libya, one of Africa’s largest oil producers and a member of the Organization of the Petroleum Exporting Countries, comes as the company has pivoted away from its failed low-carbon strategy to focus more on fossil fuels.
The memorandum of understanding provides a framework to assess a range of technical data and work together to evaluate opportunities, the UK energy giant said Tuesday in a statement.
“This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector,” said BP Executive Vice President of Gas and Low Carbon Energy William Lin. “We hope to apply BP’s experience from redeveloping and managing giant oil fields around the world.”
The agreement covers the Sarir and Messla oil fields, which were discovered in 1961 and 1971 respectively. BP re-entered natural gas exploration in Libya last year, in partnership with Eni SpA, after a 10-year hiatus.
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