BP suspends $1.5B offshore project in Alaska

(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.


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By Professional Mariner Staff