Article 54M7F BP expects to take $17.5bn hit due to coronavirus writedown

BP expects to take $17.5bn hit due to coronavirus writedown

by
Jillian Ambrose and Julia Kollewe
from on (#54M7F)

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.

The coronavirus lockdown has virtually halted international travel and tourism, hitting airlines and other travel companies, aerospace, auto manufacturers, builders merchants and oil companies hard.

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