BP completes full reversal of earlier impairments on KG-D6 gas block

British oil producer BP has completed the full reversal of all its previously booked impairments on the D6 block in the Krishna-Godavari basin (KG-D6), the firm said in its annual report. It is confident of commencing production from the R-Series deepwater gas fields in KG-D6 by 2020.

“In 2017, BP recorded a $30-million impairment reversal and a $56-million reversal of exploration write-offs due to increased confidence in the progress of projects in block KG-D6. This fully reverses all previously booked impairments on the block,” BP said. 

BP holds 30 per cent in Reliance Industries’ (RIL’s) KG-D6 block. In 2014, the company stated,