BP writes off $830 million in KG-D6 block

BP Plc has written down the value of its investment in eastern offshore KG-D6 block by $830 million, following a lower-than-expected gas price hike. Announcing its fourth quarter and full 2014 results, BP said: ´Third quarter, fourth quarter and full year 2014 include write-offs of $375 million, $20 million and $395 million respectively relating to block KG D6 in India. In addition, impairment charges of $395 million, $20 million and $415 million for the same periods were also recorded in relation to this block,´ it said. The company did not explain the reasons for the write-off and impairment charges.