British oil major predicts that the coronavirus pandemic will hurt long-term demand
BLOOMBERG: 15 JUNE 2020
BP will write down the value of its business by as much as $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.
It’s the latest in a series of big shifts from BP, which has pivoted sharply toward clean energy under its new chief executive officer Bernard Looney. Shares fell 5 per cent to 307 pence as of 8.15am in London.