I'll Be Back: BP

Oil giant BP has announced that the company would return to Libya after an absence of more than 30 years.

BP CEO Tony Hayward said the $900m joint venture with the Libya Investment Corporation was BP's "biggest exploration commitment".

The group will explore about 54,000 square kilometres - at the onshore Ghadames and offshore Sirt basins, BBC World reported.

BP withdrew from Libya in 1974, when its oil industry was nationalised.