Bernard Looney covid-19 outbreak pandemic economy Bernard Looney

Energy producer BP takes $17.5 billion hit as demand slides

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LONDON – Energy company BP is writing off as much as $17.5 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.“We are also reviewing our development plans,'' Looney said.

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