global oil demand.

β€˜Oil Industry Still Suffering Significant Damage from Covid-19’

Nigeria’s wholly indigenous oil company, Oando Energy Resources, has said the oil industry will continue to suffer the fallout of the coronavirus pandemic despite the measures put in place by oil companies and governments globally.

The company noted that the phenomenon has also brought about the need to embrace renewables as the future of energy, arguing that the cost and processes in the development of renewable energy was far less than that of fossil fuels.

Chief Operating Officer, of the company, Dr. Alex Irune, who spoke during a podcast with African Business, stressed that Covid-19 had substantially changed the way

BP to take up to $17.5bn hit on coronavirus

BP To Take Up To $17.5bn Hit On Coronavirus

British energy giant BP said Monday that it will take a hit of up to $17.5 billion in the second quarter as “sustained” coronavirus fallout ravages global oil demand.

The company, fresh from outlining plans to axe almost 10,000 jobs on COVID-19 fallout, said in a statement that it will suffer a negative impact of between $13 billion and $17.5 billion (11.4 billion euros and 15.3 billion euros) in non-cash impairments and write-offs.

BP also cut its long-term oil price forecast after the deadly virus outbreak slammed the brakes on the global economy and hurt oil prices this year.

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