> Gila is BP’s third significant Paleogene discovery in the US Gulf of Mexico.
> Pitu discovery opens up a new deepwater frontier in the Brazilian equatorial margin.
> Write-off of around $850 million of costs allocated as part of the accounting for the acquisition from Devon, triggered by the unsuccessful Pitanga well in Brazil.
> Lontra discovery and successful well test increases confidence in BP’s exploration programme in the Angolan pre-salt.
> Exploration momentum has returned in 2013: 15 exploration wells completed so far; 9 exploration wells currently operating; 7 potentially commercial discoveries in India, Egypt, Angola, Brazil, US Gulf of Mexico.
BP today said that 2013 had been its most successful year for new field exploration for almost a decade. During the year, BP has participated in 15 completed wildcat exploration wells which have resulted in seven potentially commercial discoveries, giving a new field exploration success rate of over 40%.
Lamar McKay, chief executive of BP’s Upstream said: “Exploration is at the heart of BP’s upstream strategy. The successes and opportunities now being delivered through our increased exploration activity confirm our confidence in our ability to sustain BP’s resource base. This success is being mirrored in improved operating performance delivery across BP’s upstream business.”
BP’s latest exploration find, announced today1, is the Gila discovery in the Keathley Canyon area of the Gulf of...