BP poised to sell 'stranded assets' even if oil prices rally: Report

Topics BP | BP India | Coronavirus

BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the Covid-19 crash because it wants to invest more in renewable energy, three sources familiar with BP's thinking said. The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.

5 billion worth of its assets are no longer economically viable. But even if crude prices bounce back to $65-$70 a barrel, BP.

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