Tuesday, 29 May 2007 12:28
Oil giant BP is to confirm its return to Libya’s oil and gas fields for the first time in more than 30 years.
A spokesman for Britain’s Prime Minister Tony Blair, who is on a five-day visit to Africa, spoke of BP’s return at a briefing today.
BP has not operated in Libya since 1974, when the oil industry was nationalised.
The group confirmed today it had been in talks with the Libyan government over re-entering the country.
Two years ago rival Royal Dutch Shell announced its return to the country.
British companies have been keen to exploit business opportunities in Libya since sanctions were formally lifted in 2003, with the country attractive in particular to oil companies.
Libya produces high quality ‘sweet’ crude oil at low costs and has plentiful reserves of both gas and oil.
The country’s first oil fields were discovered in the late 1950s and Libya became a major producer in the 1970s before nationalisation and introduction of US Nations and US sanctions.
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