BP takes $1.1bn hit on failed Brazilian well, but reveals 'significant' discovery in the Gulf of Mexico
Wednesday 18 December 2013
BP suffered another blow today after the oil giant announced it is taking a $1.1 billion (£675 million) hit on an uneconomic oil prospect off the coast of Brazil.
The oil giant said that the offshore Brazilian exploration well Pitanga, which was bought as part of a $7 billion deal to acquire assets from Devon Energy in 2010, had cost some $230 million to drill and that it would take a further $850 million writedown on the value paid for the field.
On the positive side BP said that it had made its third significant Paleogene discovery in the Gulf of Mexico. The Gila discovery is another deep water oil field.
Richard Morrison, regional president of BP’s Gulf of Mexico business, said: “The Gila discovery is a further sign that momentum is returning to BP’s drilling operations and well execution in the Gulf of Mexico.”
BP is still counting the cost of its Gulf of Mexico Macondo blowout in 2010, whose effects on wildlife are pictured. The disaster has cost it more than $40 billion in fines and compensation.
Board creates magnetic field to achieve lift
Singer says the track was 'force-fed down people's throats'
techThe original free dating app will remain the same, developers say
Endangered species spotted in a creek in the Qinling mountains
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Company says data is only collected under 'temporary' identities that are discarded every 15 minutes
Some experiencing postnatal depression don't realise there is a problem. What can be done?
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Banksy arrest hoax: Internet duped by fake report claiming street artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....