BP expects to take $17.5bn hit due to coronavirus writedown
by Jillian Ambrose and Julia Kollewe from on (#54M81)
Oil company says it may be forced to leave some of its fossil fuel discoveries in the ground
BP will slash up to $17.5bn (14bn) from the value of its oil and gas assets, and may be forced to leave new fossil fuel discoveries in the ground, after its own forecasts found the Covid-19 pandemic may affect the world's oil demand for the next 30 years.
The British oil major told investors it would take the hit, its largest writedown in a decade, because its oil price forecasts for the next three decades have fallen by almost a third.
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