BP joins Total in writing off oil investments in Libya

London

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 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.