BP takes USD17.5B hit as demand slides

LONDON (AP) — Energy company BP is writing off as much as USD17.5 billion from its oil and gas assets and will review its plans to develop oil wells as the COVID-19 pandemic accelerates its goal of decreasing its reliance on fossil fuels.

Chief Executive Bernard Looney said the pandemic is forcing the company to face the long-term impact on the economy, together with the likelihood of weaker demand for a longer period of time. The company pledged in February to become a net-zero company by 2050, but the pandemic has forced them to re-consider their assumptions once more.