Libya Oil: A Write-Off?

UK oil major BP became the second European company to impair its investments in Libya, the company announced in its second quarter results on 28 July. The firm wrote off $598mn on its Libyan exploration assets in the Ghadames basin and the offshore Sirte basin.

“In Libya, we recorded exploration write-offs and other costs totalling $598mn in the quarter,” the firm said. “Second quarter and first half 2015 include a $432 million write-off in...