TRIPOLI (AFP) -Libya announced on Tuesday that it will sign a 900 million dollar exploration deal with British energy giant BP, following the company’s announcement it planned a return to the north African country after a 33 year absence.
“We are going to sign with BP an oil exploration and prospecting accord on Libyan territory worth 900 million dollars,” said the head of Libya’s National Oil Corporation Shokri Ghanem.
The announcement came ahead of a visit to the oil-rich nation by British Prime Minister Tony Blair who is starting a tour of Africa before he leaves office next month.
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 1,314 billion cubic metres.