The hope of a lucrative find in Libyan waters seems to be diminishing for companies drilling offshore, including BP (NYSE:BP), which is prepared to begin exploration in the region this year.
By the end of 2010, BP says they're planning on drilling five deep-water wells in the Gulf of Sirte. The fields in the Gulf haven't been explored as a lot of other areas have.
Talking to the Financial Times, Wood Mackenzie analyst Ross Cassidy said prospects for oil in Libya could be hyped.
"We are coming up to the end of a 5-year period where there has not been a lot of notable exploration success to point to," said Cassidy. "Results have been poor when you compare with what was expected and hoped for."
The waters being drilled in off of Libya are close to 600 feed deeper than the Macondo well in the Gulf.
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