Libya Remains Confident in BP (NYSE:BP)

Libya said that it remains confident in BP (NYSE:BP) continuing operations in the country, according to the leading oil official in the state, Shokri Ghanem.

There will be no hindrance to them continue to drill for oil and gas in the country as a result of that confidence.

Ghanem, who also chairs the National Oil Corp. of Libya said this, “BP has huge capabilities, long-standing experience and high-standard abilities that it could use to tackle the spill and overcome the crisis.”

Libya holds more oil reserves than any other African country, and currently produces 1.55 million barrels daily.

Suncor (NYSE:SU) Selling Non-Core Bearberry, Ricinus Assets

Suncor Energy (NYSE:SU) said it has reached an agreement with Abu Dhabi National Energy Company PJSC subsidiary, TAQA North, to sell non-core natural gas properties.

The more well-known properties are Ricinus and Bearberry, located in Alberta, Canada.

Although natural gas properties, the current production on the lands is approximately 6,100 barrels of oil equivalent a day.

Suncor, through a variety of non-core transactions, has sold off about $2.4 billion in total assets. They are getting close to completing their overall strategy, as the remaining non-core assets left to sell are located in the North Sea and Western Canada.

Closing date for the deal, which is valued at about $285 million, will be sometime near the end of the third quarter, subject to approval.