BP’s recently-released 2020 report reveals that the major last year wrote off $2.26bn on its gas assets off Mauritania and Senegal as well as $952mn for Egypt.
The Egypt figure appears to relate to the major’s share of the $12bn West Nile Delta project where output since 2017 start-up has massively underperformed expectations (MEES, 26 February). The ‘Phase-3’ Raven field should have at least partly compensated for rapid decline at Phases 1 and 2. But start-up has been repeatedly delayed (MEES, 7 February 2020), and has now missed the latest target of Q1 2021 (MEES, 2 April). BP (82.75%op) is partnered by Wintershall Dea (17.25%). The German firm wrote off €405mn ($483mn) in Egypt in Q3 last year largely due to “reduced reserve expectations for the West Nile Delta development” (MEES, 27 November). (CONTINUED - 746 WORDS)
