BP PLC said Wednesday it would write off more than $1 billion in costs related to an unsuccessful Brazilian well, but also said it made a large oil discovery in the deep water Gulf of Mexico. BP said the Pitanga exploration well on Block BM-CAOL-13 in the Camamu-Almada basin, offshore Brazil, found no commercial quantities of oil or gas. The company said it would therefore write off $1.08 billion in costs, of which $850 million relates to the value of the […]