BP will take a $750 million exploration write-off in Angola after deciding to exit Block 24 in the Kwanza basin, where it made a significant gas discovery with the Katambi-1 wildcat in late 2014.
The UK supermajor’s move comes as Angola continues to suffer the effects of low oil prices a month ahead of a general election.
The decision underscores that non-associated gas has little or no value for upstream players in Angola because this type of resource is owned by the state.
