BP and Shell Sign Libya Deals as Majors Step Up Their Return

British energy giants BP Plc and Shell Plc signed agreements with Libya’s National Oil Corp to study new opportunities, joining international majors accelerating their return to the oil-rich African nation.

BP, which has pivoted away from its failed low-carbon strategy to focus more on fossil fuels, signed a memorandum of understanding to study reviving two huge oil fields in Libya, it said in a statement on Tuesday. The document outlines a framework for how the energy companies might work together and assess a range of technical data.