Despite the environmental concerns after the massive oil spill in the Gulf, BP (NYSE:BP) says they're pushing forward and going to begin deepwater drilling in Libya. The well site in the Gulf of Sirte is even deeper than the Macondo well in the Gulf of Mexico.
Reported by the Financial Times, the plans are in the shadow of controversy and BP faces much scrutiny because of its deal in 2007 to purchase Libya's oil and gas fields at the cost of $1 billion.
In other BP news, the company will be reporting their half year results today. It's being rumored that Tony Hayward is expected to officially announce his leaving the company before the results are given. The results are expected to show BP making $10 billion in profits so far for the year, even with the costs of the disastrous oil spill.
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