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Oil and Gas Properties
 6 Months Ended
Jun. 30, 2024
Text Block [abstract]  
Oil and gas properties
B.2 Oil and gas properties
 
    
Land and
buildings

US$m
    
Transferred
exploration
and
evaluation

US$m
    
Plant and
equipment

US$m
    
Projects in

development
1

US$m
    
Total

US$m
  
Half-year ended 30 June 2024
           
Carrying amount at 1 January 2024
   
 
701
 
  
 
777
 
  
 
23,589
 
  
 
15,724
 
  
 
40,791
 
Additions
2
   
 
— 
 
  
 
— 
 
  
 
(127
) 
  
 
2,447
 
  
 
2,320
 
Disposals at written down value
   
 
(2
) 
  
 
— 
 
  
 
— 
 
  
 
(47
) 
  
 
(49
) 
Depreciation and amortisation
   
 
(28
) 
  
 
(86
) 
  
 
(1,779
) 
  
 
— 
 
  
 
(1,893
) 
Completions and transfers
3
   
 
— 
 
  
 
341
 
  
 
5,391
 
  
 
(5,706
)
  
 
26
 
Transfer to assets held for sale
4
   
 
— 
 
  
 
— 
 
  
 
(4
) 
  
 
(1,066
) 
  
 
(1,070
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Carrying amount at 30 June 2024
   
 
671
 
  
 
1,032
 
  
 
27,070
 
  
 
11,352
 
  
 
40,125
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At 30 June 2024
           
Historical cost
   
 
1,743
 
  
 
2,320
 
  
 
55,533
 
  
 
12,072
 
  
 
71,668
 
Accumulated depreciation and impairment
   
 
(1,072
) 
  
 
(1,288
) 
  
 
(28,463
) 
  
 
(720
) 
  
 
(31,543
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net carrying amount
   
 
671
 
  
 
1,032
 
  
 
27,070
 
  
 
11,352
 
  
 
40,125
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Year ended 31 December 2023
           
Carrying amount at 1 January 2023
      840       481       23,057       15,541       39,919  
Additions
      —        —        836       5,759       6,595  
Disposals at written down value
      (8 )      —        (2 )      —        (10 ) 
Depreciation and amortisation
      (67 )      (125 )      (3,764 )      —        (3,956 ) 
Impairment losses
      (64 )      (20 )      (1,028 )      (328 )      (1,440 ) 
Completions and transfers
      —        441       4,496       (4,633 )      304  
Transfer to assets held for sale
      —        —        (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  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1.
Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations.
2.
Includes $2,212 million of capital additions and $187 million of capitalised borrowing costs offset by $79 million relating to changes in restoration provision assumptions. The $127 million of additions
reducing
plant and equipment relates to changes in restoration provision assumptions.
3.
Upon first oil in June 2024, the carrying value of the Sangomar project in projects in development has been transferred to plant and equipment.
4.
Refer to Note B.4 for details of the sell-downs of the Scarborough Joint Venture.
The Group has capital expenditure commitments contracted for, but not provided for in the financial statements, of $3,017 million (31 December 2023: $4,245 million).