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Santos takes $1.1b hit as COVID-19 wipes out oil demand – Sydney Morning Herald

Santos has become the latest Australian oil and gas producer to take heavy write-downs on the value of its assets as coronavirus guts energy demand.

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The long-term forecasts are more optimistic than those of global oil major BP, the first energy giant to take a write-down this year, which has slashed its Brent price assumptions from $US70 a barrel to an average of $US55 a barrel for the years ahead. BP warned investors it believed the coronavirus-driven downturn caused by travel restrictions and lockdowns sapping demand for oil would accelerate the world’s shift away from fossil fuels and that some demand may never fully recover.
Santos’ wri…

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