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BP joins Total in writing off oil investments in Libya

Oil prices that have tumbled 50 per cent in a year have further to fall and won't recover any time soon as supply swamps demand, according to BP Plc.


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

BP on Tuesday said it had taken an impairment of almost US$600 million in the