October 29, 2009 / 2:10 PM / 9 years ago

BP to spend $1 bln on Libya exploration

TUNIS (Reuters) - BP plans to invest more than $1 billion in its two exploration contracts in Libya over the seven-year license period, the head of the company’s operations in Libya said on Thursday.

“It is over $1 billion .. for the investment,” Hugh McDowell, general manager of BP Exploration Libya, told reporters on the sidelines of the Energy Exchange North Africa Oil and Gas summit in Tunisia.

He said BP was two years into the 7-year contract period, and that the bulk of the investment would be on drilling, which is to start next year.

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