|
|
Units
|
2004
|
2005
|
2006
|
2007
|
2008
|
|
Lifting costs - BP
|
$/boe
|
3.41
|
4.28
|
5.31
|
6.63
|
6.68
|
The group adopted International Financial Reporting Standards (IFRS) with effect from 1 January 2005. Financial information for 2004 has been restated to reflect the adoption of IFRS. BP chose not to adopt International Accounting Standard No. 39 'Financial Instruments: Recognition and Measurement' (IAS 39) until 1 January 2005, and so financial assets and liabilities, including derivatives, are reported on the basis of UK generally accepted accounting practice (UK GAAP) for 2004. The balance sheet at 1 January 2005 is also presented to show the effect of adopting IAS 39.
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