bp has signed a Memorandum of Understanding (MoU) with Libya's National Oil Corporation (NOC) to evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields in Libya's Sirte basin, including the exploration potential of adjacent areas, and to understand the wider unconventional oil and gas potential within the country.

The agreement provides a framework for bp to assess a range of technical data and to effectively work with NOC to evaluate presented opportunities and determine the feasibility of future development and exploration programmes.

“This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya's energy sector. We hope to apply bp's experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets.”

William Lin, bp executive vice president gas & low carbon energy

William Lin, bp executive vice president gas & low carbon energy, said: “This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya's energy sector. We hope to apply bp's experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets. We look forward to conducting thorough studies, working closely with NOC, to evaluate the resource potential of this promising region.”
Source: bp