Oil will no longer recover in price – British Petroleum has to write off billions

The coronavirus pandemic will have long-term consequences that will lead to oil depreciation and accelerate the transition to clean energy.

Oil will no longer recover in price - British Petroleum has to write off billions

This conclusion was made by analysts of the British Petroleum oil and gas company.

They are sure that oil and gas prices will be 20-30% lower than the pre-coronavirus level. At the same time, taxes on carbon dioxide emissions will increase.

British Petroleum has already started to revise its projects taking into account the forecast, creating the risk of inactive assets and forcing investors to ask questions about the future prospects of the industry, the agency “Bloomberg”. As a result, trading on the London Stock Exchange began with the fall of BP shares by 3.9%.

According to Bloomberg, the company will take over the write-off of non-monetary assets, the value of which is estimated to be 13 to 17.5 billion dollars after taxes.

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