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Lose One, Win One by BP

 (Image source: theguardian)

BP plc (LON:BP) plans on writing off  $1.08 billion in costs related to failed discovery of oil and gas at their Pitanga exploration well in the Camamu-Almada basin, which located off the shores of Brazil. The write off consists of $850 million for the value of the exploration well and the remaining $230 million covers drilling costs. Shares are relatively unaffected by the proposed write down. On the other hand, BP also announced “significant” discoveries of oil reserves in the Gulf of Mexico called the Gila prospect.