BP announces USD750 million non-cash exploration write-off

BP

British oil major, BP said in its latest exploration update that it is expecting around USD750 million non-cash exploration write-off in AngolaExploration.

BP said it is actively reviewing its exploration activities and refocusing them on growth in natural gas and advantaged oil in regions where BP currently operates. It is also selectively looking for opportunities to grow new material production regions while exiting less competitive exploration prospects.

Bernard Looney, BP’s Upstream chief executive commented: “We are making disciplined choices throughout our business, including in exploration, and pursuing only opportunities that will deliver clear value for our shareholders. 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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