Petroleum Africa
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Thursday, August 3, 2017
The first half of 2017 was good for BP operationally. The company’s global exploration program resulted in four new gas discoveries, two of those discoveries were made in Africa.
In Q1 the company announced a discovery at Qattameya in Egypt, its third to date on the North Damietta Offshore Concession. Its second gas discovery was made offshore Senegal with the drilling of the Yakaar-1 well. The well further confirmed offshore Mauritania and Senegal as a world class hydrocarbon basin.
The remaining two H1 gas discoveries were made inoffshore Trinidad with the Savannah and Macadamia exploration wells. These two wells are expected to unlock an estimated 2 Tcf of gas for the company’s resource base.
While the company added to its resources with the discoveries in Africa and Trinidad, due to depressed commodity prices, the economics of oil and gas plays deteriorated and BP had to take a hard look at some assets. This review led to it letting go of a block in Angola, where it holds producing assets.The company let of Block 24 in the Kwanza and Benguela basins. BP did encounter gas on the block but in non-commercial quantities. The company expects to have charge a non-cash exploration write-off of around $750 million in its Q2 results.
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