BP 2007 Annual Report Download - page 168
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166
44 Contingent liabilities continued
The group is subject to numerous national and local environmental laws and regulations concerning its products, operations and other activities.
These laws and regulations may require the group to take future action to remediate the effects on the environment of prior disposal or release of
chemicals or petroleum substances by the group or other parties. Such contingencies may exist for various sites including refineries, chemical plants,
oil fields, service stations, terminals and waste disposal sites. In addition, the group may have obligations relating to prior asset sales or closed
facilities. The ultimate requirement for remediation and its cost are inherently difficult to estimate. However, the estimated cost of known
environmental obligations has been provided in these accounts in accordance with the group’s accounting policies. While the amounts of future costs
could be significant and could be material to the group’s results of operations in the period in which they are recognized, it is not practical to estimate
the amounts involved. BP does not expect these costs to have a material effect on the group’s financial position or liquidity.
The group generally restricts its purchase of insurance to situations where this is required for legal or contractual reasons. This is because external
insurance is not considered an economic means of financing losses for the group. Losses will therefore be borne as they arise rather than being
spread over time through insurance premiums with attendant transaction costs. The position is reviewed periodically.
45 Capital commitments
Authorized future capital expenditure for property, plant and equipment by group companies for which contracts had been placed at 31 December
2007 amounted to $8,263 million (2006 $9,773 million). In addition, at 31 December 2007, the group had contracts in place for future capital
expenditure relating to investments in jointly controlled entities of $1,039 million (2006 $32 million) and investments in associates of $74 million
(2006 $36 million).
Capital commitments of jointly controlled entities amounted to $2,273 million (2006 $1,217 million).