Stranded Assets anyone?!! This is big news, and I'm sure not the last time, or the last oil major that has to make such write downs. Any any oil statement that says 'we have reserves we'll have to leave in the ground' is music to my ears, and that of the planet I'm sure.
I appreciate that gloating is unedifying, and sadly many will lose their jobs in these sunset industries, but after 12 years in cleantech, battling these giants and their lobbying, it did feel good to read, I don't know about you?
The key thing for these companies, investors, shareholders and employees is to transition to sustainable markets, to renewable energy and the clean energy and mobility transitions. At Hyperion we help those at the senior end of the scale make the career transition. Personally I'm working on ideas to help others make that journey.
We have to accelerate this disruption. Everyone can play their part.
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.