FT.com - BP looks at Libya to help revive its fortunes

BP has a lot riding on its controversial exploration programme off the coast of Libya.

The UK oil group, whose reputation is under fire over its Gulf of Mexico oil spill, is preparing to drill a first deep-water well in the Gulf of Sirte in the autumn in what will be one of its biggest-ever exploration commitments, in an offshore area that is the size of Belgium.

The company is not alone in targeting the North African country. Most of the world’s oil majors have quietly been tapping into its promise in recent years.