BP exits Angola block

LONDON, June 30, 2017 – BP has decided to let go of its 50% shareholding in Block 24/11 offshore Angola, the company announced on Friday.

According to BP, the asset was deemed not commercial, despite a gas find in 2014, following a “portfolio evaluation.”

Combined with other write-offs in the country, the company expects a non-cash exploration write-off of some USD 750 million. It will be included in BP’s financial results for the second quarter of this year.

“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,” BP Upstream Chief Executive Bernard Looney said in comments on the portfolio evaluation.

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