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BP suspends $1.5B offshore project in Alaska

Jul 9, 2012 09:22 PM

Effort beset by cost overruns, technical problems

(ANCHORAGE, Alaska) -- BP Plc says it has suspended its $1.5 billion Liberty project off the Alaska coast because of cost overruns, delays and technical challenges, Reuters news service reported. The offshore project may be reworked and resubmitted. The company had expected to begin drilling as early as 2011, but it has faced new scrutiny as a result of the Deepwater Horizon disaster.

 

Click here to view the Reuters story.

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