BP decides not to pursue oil project off Alaska coast in current form following review

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JUNEAU, Alaska - BP PLC has decided not to pursue a huge oil project off Alaska's coast in its current form.

It's the latest setback for BP's Liberty project, and raises questions about how, or whether, the project will be pursued in the future.

BP, in late 2010, announced it was suspending construction of the massive oil rig to review engineering and design plans and ensure the project could be done safely. That review was recently completed. A BP Alaska spokeswoman says the results showed that changes that would be needed for the project to meet BP's standards would raise the cost substantially and delay drilling several more years.

BP, at one time, expected initial production to begin in 2011.

The latest delay was first reported by the Alaska Journal of Commerce.

Organizations: BP Alaska, Alaska Journal

Geographic location: Alaska

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