BP is in the final stages of seismic testing in the Sirte basin and plans to drill an inaugural well at the site at some point next year, company spokesperson Robert Wine told the Media Line.

In an interview with the Middle Eastern news agency, Mr Wine confirmed that offshore seismic tests are nearing completion, while further onshore assessments are soon to be carried out.

"We will then analyse the seismic [result] and work out the prospects for the first well to be drilled; that will be sometime next year," he commented.

As well as budgeting up to $1.2 billion (£750 million) for exploration and production costs, BP has also set aside $50 million to spend on national training and development programmes and community initiatives.

A further $50 million investment in the training initiatives - developed in partnership with Libya's National Oil Company - will be contingent on the success of exploration activity.

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