Business Maverick: Total Takes $8 Billion Writedown on Carbon-Heavy Oil Assets

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Total SE announced an $8.1 billion writedown after the push to curb carbon emissions and the coronavirus pandemic challenged assumptions about the viability of some oil and gas assets and the timing of peak demand.

The bulk of the impairment — about $7 billion — applies to Canadian oil sands, which are costlier and more carbon intensive than conventional fields. Total will not approve any capacity increase on projects of this type and will withdraw from Canada’s oil industry lobby group.

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