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16

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

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.
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