BP Halts Liberty Project
Return on investment looks dim
ALASKA - After an eighteen-month review of the project, BP says it’s is halting exploration at a $1.5 billion offshore oil project.
Due to cost and technical setbacks BP says the Liberty Project will not go forward.
Plans were submitted five years ago for Liberty to be the first oil field located entirely in federal water. After review BP found that Liberty was slated to produce only 40,000 barrels a day — costing a lot more than it was worth.
BP has informed federal regulators it is seeking to redesign the development.