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BP makes major oil discovery but also takes $1.1B write-down

  • BP (BP) has made a significant oil discovery at its Gila prospect in the U.S. Gulf of Mexico, which the U.K. company co-owns with ConocoPhillips (COP).
  • BP will now need to carry out appraisal drilling in order to determine the size and commercial potential of the reserve.
  • However, BP is booking a $1.1B write-off related to the Pitanga exploration well in the Camamu-Almada basin off the coast of Brazil.
  • Still, 2013 has been BP's best year for new field exploration for nearly a decade.
  • (PR)
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