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Article: BP Says Offshore Wells Cost $130M Each; Faces Political Problems.
- Article from:
- APS Review Gas Market Trends
- Article date:
- December 17, 2007
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BP Libya says it will cost at least $130m to drill each well in the offshore Sirte Basin - while a well in the onshore Ghadames Basin costs up to $10m to drill - as it prepares to begin work on its exploration drive in the country. In November, BP received approval to proceed with the deal from the Oil and Gas Council. But the UK major is facing problems mixed with politics.
BP $1.3 bn deal was signed in the presence in Tripoli of then UK Prime Minister Tony Blair. At the time, Col. Mu'ammar Qadhafi's regime thought this was eventually to involve a push from No. 10 Downing Street to resolve the pending problem concerning Abdel-Baset Ali Muhammad al-Megrahi, ...