BP prepares to sell assets even if oil price rises By Reuters

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Por Ron Bousso y Dmitry Zhdannikov

LONDRES, 6 ago (Reuters) – BP (LON 🙂 is preparing to sell a large part of its oil and gas assets, even if prices recover, because it wants to invest more in renewable energy, according to three sources close to the company’s plans.

The strategy was discussed at a meeting between BP executives in July, the sources said, shortly after the oil company lowered its forecast for the long-term price of crude oil to $ 55 a barrel, which means $ 17.5 billion of its assets are no longer economically viable.

But even if crude prices rebound to $ 65 or $ 70 a barrel, BP is unlikely to put those assets back into its future plans and would instead use the best market conditions to sell them, according to sources. .

The main oil companies in the world tend to maintain their assets in the long term, even when oil prices fall, in order to begin to resume their production levels when market conditions improve.

However, BP’s new divestment strategy, which it had not reported, means there will be no going back for the British energy company once it diverts itself from its so-called stranded oil and gas assets.

BP did not respond to requests for comment.

(Information by Shadia Nasralla. Written by Dmitry Zhdannikov. Edited in Spanish by Rodrigo Charme)

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