THE TELEGRAPH: BP is not expecting an early pay-off from its contentious Libyan contract tied to prisoner transfers but analysts say the potential from the huge tracts of exploration territory is enormous.
The group was awarded onshore and offshore areas equivalent to the size of Belgium and Kuwait in May 2007 as a "sweetener" to speed progress on a prisoner deal at the time. The oil and gas potential is said to be considerable but until now there has been little recognition of how significantly the Libyan deal could benefit BP.
Tony Blair personally attended the signing ceremony, shortly before Britain signed a wide-ranging memorandum of understanding with Libya on extradition, legal assistance and established the framework for the release of the Lockerbie bomber. >>> Roland Gribben | Sunday, September 06, 2009
