The significant portion of this impairment, approximately $1.2bn, is related to the Shenzi asset, acquired as part of the 2021 merger with BHP Group s petroleum division.
Local control of onshore and shallow water oil and gas assets is unlikely to halt attacks on Nigerian oil and gas infrastructure, but it should result in a renewed focus on increased production. Despite ongoing supply problems, new LNG capacity is being developed, both on and offshore.