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Monday, July 3, 2017
Following less than stellar exploration results, BP is exiting Block 24/11 offshore Angola. The decision came after the determination that the company’s 2014 Katambi gas discovery was not commercial.
BP held a 50% stake in Block 24/11.
With the exit, as well as other exploration write-offs in Angola, BP expects to include in its Q2 2017 results a non-cash exploration write-off in Angola of around $750 million. The company said in a release on its exploration highlights that this will not impact cash flow as part of re-balancing.
The decision to leave Block 24/11 comes as part of the company’s ongoing review of its exploration activities to refocus them on oil and gas growth opportunities in regions where the company currently operates.
“We are making disciplined choices throughout our business, including in exploration, and pursuing only opportunities that will deliver clear value for our shareholders,” said BP Upstream Chief Executive Bernard Looney in the statement. “Equally important to this disciplined, value-over-volume strategy, we are choosing not to pursue activities that we don’t think will deliver maximum value for our shareholders.”
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