BP has chosen to relinquish its 50% interest in Block 24/11 offshore southern Angola.
The move is part of the supermajor’s ongoing portfolio evaluation.
Katambi, a gas discovery made in the block in 2014, has been determined not to be commercially viable.
BP said that as a result of this and other exploration write-offs in Angola, it 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.
The firm said this will not impact cash flow as part of re-balancing BP.
In October 2016 BP announced that it would not continue frontier exploration in the four blocks it operated in the Great Australian Bight, offshore southern Australia.
BP and partner Statoil have now signed a swap agreement where Statoil has taken full ownership and operatorship of two of the blocks.
BP is proceeding to discuss with the Australian government exiting its blocks. This is not anticipated to impact second quarter 2017 results.
BP continues to thoroughly review its existing portfolio of exploration assets, moving forward with the most attractive and exiting those that do not compete.
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