Libya force majeure offers get-out clause

Companies with uncommercial exploration commitments may be able to annul contracts without penalty following the second anniversary of the revolution. Companies which have yet to lift force majeure on their EPSA IV contracts may be able to take advantage of a clause stipulating automatic termination if force majeure is in place after two years. One Libya-based manager said: “Some companies have decided to stay with the force majeure notification and probably even terminate their contracts”.