BP, Royal Dutch To Resume Libya Drilling, Says Bloomberg

Bloomberg’s Robert Tuttle,�Anthony DiPaoloa and Eduard Gismatullin report this afternoon that BP (BP) and Royal Dutch Shell (RDSA) plan to resume exploration for oil in Libya, after being approached by the Libyan government to do so since the conclusion of the country’s revolution, citing remarks by the companies.

BP had been “‘on the verge’ of starting to drill two onshore and offshore wells in Libya,” in February, when the operations were shut down, the authors write.

BP declined to say the exact timing of the resumption of drilling, stating that the company will seek to determine “when it’s the right time to ensure the safety of our employees.”

The authors note that other global integrated energy companies such as ConocoPhillips (COP) and Repsol YPF SA (REPYY), which are still operating in the country, plan to boost output.

BP shares are down 25 cents, or half a percent, at $43.31, while Royal Dutch’s American Depository Receipts are up 20 cents at $71.26.