WSJ: BP in talks to give up control of Libyan project

|About: BP p.l.c. (BP)|By:, SA News Editor

Prompted by security concerns, BP (BP +0.9%) reportedly is negotiating a deal with Libya's state-controlled National Oil Co. to give up control of a major oil and natural gas project in Libya, a blow to the country as it tries to attract companies to tap Africa's largest oil reserves.

"BP has strict security standards on where it can operate and [Libya's] onshore blocks don't meet this criteria," says a source about the assets.