BP Halts Liberty Project

Return on investment looks dim

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By KTVA CBS 11 News
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Story Created: Jul 10, 2012 at 5:05 PM AKDT

Story Updated: Jul 10, 2012 at 5:23 PM AKDT

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.
 

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Anonymous said on Tuesday, Jul 10 at 5:49 PM

BP doesn't want that offshore account - I mean drilling - in Alaska...

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Ejamakated Mathamatishun said on Tuesday, Jul 10 at 6:04 PM

Yeah, because at today's prices it would take an entire year for that production to generate $ 1.5 billion... wait, what?

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