BP drops interest in Katambi discovery offshore Angola

BP PLC has relinquished its 50% interest in Block 24/11 offshore southern Angola after determining the 2014 Katambi gas discovery to be uncommercial.

As a result of this and other exploration write-offs in Angola, the firm expects to include a noncash exploration write-off in Angola of about $750 million in its second-quarter results.

BP is reviewing its exploration activities in an effort to refocus primarily on gas as well as certain oil projects in regions where the firm currently operates. As part of the transition, BP is exiting less competitive oil and gas exploration prospects.

BP last October said it would not continue frontier exploration on the four blocks it operated in the Great Australian Bight offshore southern Australia. BP and partner Statoil ASA subsequently signed a swap agreement this month in which Statoil has taken full ownership and operatorship of two of the blocks (OGJ, June 19, 2017, p. 22). BP is discussing an exit from the remaining blocks with the Australian government.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...