Key Alaska oil producer BP reported slightly declining revenues in Alaska, but vanishing profits, as the company ended work on an a costly offshore oil field.
BP Exploration (Alaska) the subsidiary of the huge multi-national oil company BP, reported Tuesday that it lost $508 million in the first half of the year, compared to a profit of $782 million last year.
The suspension of the Liberty project, with which BP would have used extended-reach drilling to tap into offshore oil reserves, played a significant role in the company’s overall loss for the quarter, it said Tuesday.