BP Exploration Co (Libya) v Hunt (No 2) [1983] 2 AC 352 is an English contract and unjust enrichment case, concerning the frustration of an agreement.
In 1957 Nelson Bunker Hunt obtained an oil concession for the Sarir field in Libya.
However, in 1971, 2 years after the Libyan government was overthrown and replaced by Muammar Gaddafi, it nationalised BP's half share.
Robert Goff J said it was the sum that would lead to ‘the prevention of the unjust enrichment of the defendant at the plaintiff’s expense’ Money has the peculiar character of a universal medium of exchange.
By its receipt, the recipient is inevitably benefited; and (subject to problems arising from such matters as inflation, change of position and the time value of money) the loss suffered by the plaintiff is generally equal to the defendant’s gain, so that no difficulty arises concerning the amount to be repaid.