BP: To take $750M exploration writeoff in Angola as it exits block

BP says it will take a ~$750M writeoff in Q2 related to exploration blocks it relinquished in Angola.

BP says it is giving up its 50% interest in an offshore block where a discovery that partner Sonangol once called Angola’s largest ever gas find now has been declared non-commercial.

In its report on Q2 exploration highlights, BP says it continues to make progress in shifting its exploration portfolio toward natural gas and advantaged oil.

BP expects the Savannah and Macadamia gas discoveries in Trinidad together will unlock ~2T cf of gas in place and to support further development in the country.

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