BP, Total Writing Off Oil Assets In Libya Because Of The Continuous Conflict

Libya has become a major headache for European oil companies as a four-year conflict forced BP to join Total in writing off millions of dollars in investments in the North African country.

BP on Tuesday the 28th of July said it had taken an impairment of almost $600 million in the second quarter as fighting forced it to suspend an oil exploration campaign. The unexpected charge was the main reason BP’s earnings fell short of analysts’ estimates.

Libya Uncertainty Plays Part in BP Profit Decline: Adding to the host of challenges facing BP at the… http://t.co/Wdc559DwgF#Oil#BRK

— Oil Breaking News (@OilBRK) 30 Juillet 2015

“There is significant uncertainty on when drilling operations might be able to proceed,” London-based BP said in a statement.

The charge comes three months after Total became the first European oil major to take an impairment in Libya, writing off $755 million from onshore…