BP EXPLORATION (D230) LIMITED

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  0%

  £1 → £1

• Employees

  —

  Not reported

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. The current economic and geopolitical environment were considered as part of the going concern assessment. Liquidity and financing are managed within the bp group under pooled group-wide arrangements which include the company. As part of the going concern basis of preparation for the company, the ability and intent of the bp group to support the company has also been taken into consideration. The most recent bp group financial statements continue to be prepared on a going concern basis. Forecast liquidity of the bp group has been assessed under a number of stressed scenarios, including a significant decline in oil prices over the 12-month period from the date these financial statements were approved. Reverse stress tests performed indicated that the bp group will continue to operate as a going concern for at least 12 months from the date of approval of the financial statements even if the Brent price fell to zero. In addition, bp group management have confirmed the existing intra-group funding and liquidity arrangements as currently constituted are expected to continue for the foreseeable future, being no less than twelve months from the approval of these financial statements. No material uncertainties over going concern or significant judgements or estimates on the assessment were identified. Accordingly, the company will be able to draw on support from the bp group for the foreseeable future and these financial statements have therefore been prepared on a going concern basis.”

Significant events

• “The State Oil Company of the Azerbaijan Republic (SOCAR) and BP Exploration (Azerbaijan) Limited (BPXA) have executed an Exploration, Development and Production Sharing Agreement (EDPSA) for the joint exploration and development of Block D230 in the Azerbaijan Sector of the Caspian Sea dated 26 April 2018, and which became effective on 1 December 2018.”
• “In 2019, bp commenced exploration activity in the D-230 Block offshore Azerbaijan.”
• “The survey was completed on 14th March 2020, with demobilisation and D-230 Block exit on 15th March 2020.”
• “After a competitive bid process, the contract for seismic data processing was awarded to CGG-UK in January 2020. The work-flow included 3D de-ghosting, 3D-MWD and 3D-SRME de-multiple, 3D de-noise, 4D interpolation, anisotropic velocity model build and 3D depth imaging. An initial early-out 3D seismic data volume was delivered on 31 August 2020 and final full-processing 3D seismic data products were delivered on 30 November 2020.”
• “On 30 December 2020 bp executed a joint operating agreement (JOA) with SOA, which provides for joint venture governance details and structure as well as precise definition of rights and responsibilities of the contractor parties to the EDPSA.”
• “Currently bp is in the process of finding a joint venture partner to make a decision to proceed to the MEP, hence Notice of Prospectivity has not been issued yet. This process continues to be ongoing in current year.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.