Force Majeure, which has been enforced since 21 February 2011, has been lifted by BP with respect to the company’s Libyan Exploration and Production Sharing Agreement (EPSA) signed with the National Oil Corporation (NOC), which was effective from 15 May 2012.
BP and NOC have discussed and agreed to know how the Force Majeure can be made to cause less impact in the current agreement terms of BP. Felipe Posada, BP’s Regional President in North Africa, and Dr. Nuri Berruien, NOC’s Chairman inked the agreement on 29 May, during their Tripoli visit along with Dr. Michael Daly, Executive Vice President for Exploration of BP.
According to Dr Michael Daly, BP finds the lifting of Force Majeure as an important milestone in the company’s strategy of exploring offshore and onshore blocks, based on their present EPSA agreement. BP is expecting to work with the NOC and the drill program may be safely executed by the company’s partners in the Libyan Investment Authority, Dr. Michael stated.
NOC’s Chairman, Nuri Berruien commented that NOC expressed its gratitude to BP for lifting the force majeure. NOC and BP will jointly work to provide the EPSA objectives and NOC supports BP for employing the approved work program, with respect to the current EPSA contract terms, Berruien said.