PARIS – French energy group Total will book an exceptional impairment charge of $8 billon mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday.

French energy group Total books $8 billion asset impairments- oil and gas 360

Source: Reuters

“Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian oil sands assets alone,” Total said in a statement, adding that this will increase its gearing ratio by 1.3%.

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