A decade after Deepwater, BP faces new existential challenges

BP says it has reformed its culture over the past decade to emphasise operational security and to prevent environmental damage. US Coast Guard/AFP/File/-

“We remember those lessons in this new decade, where the big challenge for BP is the one the world faces: climate change,” he said. The global coronavirus pandemic has brought a new and unprecedented challenge for oil firms, causing a drop in demand that has sent prices plummeting. “Their basic business model hasn’t changed,” said Bobby Banerjee, professor of management at City, University of London.

But it has huge debts, totalling some $45 billion at the end of 2019, leaving it vulnerable to a sustained drop in revenues.

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