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Oil and Gas Properties (Tables)

12 Months Ended

Dec. 31, 2023

Text Block [abstract]

Summary of detailed information about oil and gas properties


			Land and buildings				Transferred exploration and evaluation				Plant and equipment				Projects in development				Total
			US$m				US$m				US$m				US$m				US$m

Year ended 31 December 2023
Carrying amount at 1 January 2023			840				481				23,057				15,541				39,919
Additions 1			-				-				836				5,759				6,595
Disposals at written down value			(8)				-				(2)				-				(10)
Depreciation and amortisation			(67)				(125)				(3,764)				-				(3,956)
Impairment losses 2			(64)				(20)				(1,028)				(328)				(1,440)
Completions and transfers			-				441				4,496				(4,633)				304
Transfer to assets held for sale 3			-				-				(6)				(615)				(621)

Carrying amount at 31 December 2023			701				777				23,589				15,724				40,791

At 31 December 2023
Historical cost			1,745				1,979				50,272				16,443				70,439
Accumulated depreciation and impairment			(1,044)				(1,202)				(26,683)				(719)				(29,648)

Net carrying amount			701				777				23,589				15,724				40,791

Year ended 31 December 2022
Carrying amount at 1 January 2022			739				526				12,465				4,919				18,649
Acquisitions through business combinations 4			64				-				11,952				7,337				19,353
Additions			-				-				(508)				4,332				3,824
Disposals at written down value			(3)				(10)				(32)				-				(45)
Depreciation and amortisation			(54)				(107)				(2,637)				-				(2,798)
Impairment reversal 2			87				30				783				-				900
Completions and transfers			7				42				1,034				(1,047)				36

Carrying amount at 31 December 2022			840				481				23,057				15,541				39,919

At 31 December 2022
Historical cost			1,765				1,538				45,273				15,937				64,513
Accumulated depreciation and impairment			(925)				(1,057)				(22,216)				(396)				(24,594)

Net carrying amount			840				481				23,057				15,541				39,919

1.	Includes $5,317 million of capital additions, $311 million of capitalised borrowing costs and $967 million following changes in restoration provision .

2.	Refer to Note B.4 for details on impairment losses and impairment reversals.

3.	Refer to Note B.8 for details of the sell-down of the Scarborough Joint Venture.

4.	Refer to Note B.5 for details of business combination. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations.