BP (BP) Oil Production and Libyan Unrest

British Petroleum (NYSE:BP) is one of the world’s leading oil and gas companies with operations in more than 80 countries, providing customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. It competes with other major oil companies like ExxonMobil (XOM), Chesapeake (CHK), Anadarko (APC) and Chevron (CMX).

The political turmoil in Libya must be chilling for BP as it could bring into limbo the future of the $900 million exploration and production agreement BP had signed with the Libya’a National Oil Company in 2007. The deal was BP’s single biggest exploration commitment at that time and gave BP the rights to explore 21,000 square miles onshore and offshore of Libya.




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