EnergyWatch

BP writes off billions as Covid redraws rules of oil demand

The British oil and gas supermajor plans to book a large impairment due to a strained long-term demand forecast resulting from the pandemic – which also alters the group's fossil business case, expediting the transition to renewables.

Photo: Luke Macgregor/Reuters/Ritzau Scanpix

BP Plc will write down the value of its business by as much as USD 17.5 billion, as the British oil major predicts that the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.

The company is also undertaking a review of its projects that could result in some oil discoveries being left in the ground.

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