BP’s Libya drilling plans on hold

Jan 29, 2013 Plans for BP to begin drilling for oil and gas in Liby a are in serious doubt in the aftermath of the terrorist attack on its gas production plant in neighboring Algeria. A BP spokesman said: « We were due to drill in the second half of this year but we are now reviewing that as a result of the situations in Algeria and Benghazi. » BP signed a $900 million exploration and production agreement with Liby a’s National Oil in 2007 but suspended the contract in February 2011 because of the civil war that eventually led to the overthrow of Colonel Muammer Gaddafi.