LONDON – BP will relinquish its 50% interest in block 24/11 offshore southern Angola, after determining that the 2014 Katambi gas discovery is not commercial.
As a result of this and other issues, the company expects to include in its second-quarter 2017 results a non-cash exploration write-off in Angola of around $750 million.
Elsewhere,BP and partner Kosmos Energy plan a drillstem test at the Tortue gas field offshore Senegal and three further exploration wells on their licenses off Senegal and Mauritania over the next 12 months.
Recently BP was awarded new licenses in the US Gulf of Mexico and 25 blocks under theUK’s 29th Offshore Licensing Round, its largest acreage haul in the North Sea since the late 1990s.
Earlier this year, BP also secured exploration licenses offshore Newfoundland and Mexico.