REUTERS: BP poised to sell ‘stranded assets’ even if oil prices rally - Panorama Insurance Brokers

REUTERS: BP poised to sell ‘stranded assets’ even if oil prices rally

(Reuters) – 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.

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