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BP takes $750m hit in Angola exploration write-off

LONDON, June 29 (Reuters) - BP said on Thursday it will incur a $750 million write off in its second quarter 2017 results over exploration blocks it relinquished in Angola.

“As part of the ongoing portfolio evaluation, BP has decided to relinquish its 50 percent interest in Block 24/11 offshore southern Angola. Katambi, a gas discovery made in the block in 2014, has not been determined to be commercial,” the London-based company said.

“As a result of this and other exploration write-offs in Angola, BP expects to include in its second quarter 2017 results a non-cash exploration write-off in Angola of around $750 million, which will not attract tax relief.”

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