Eni SpA became the latest oil company to cut its long-term price assumptions, saying the coronavirus pandemic would have a lasting impact on the industry.

Italian energy group Eni said it would write off around 3.5 billion euros ($4 billion) from the value of its assets after revising down its long-term outlook for oil and gas prices due to economic fallout from the COVID-19 crisis.

Europe’s oil giants came into 2020 promising shareholders they can “do it all” -- maintain generous dividends, keep the crude flowing and make a historic shift toward clean energy. Only one of them may succeed.

Six years after scarring price collapse, reduced demand is placing very different pressures on the sector.

In the panorama of renewable energy technologies, hydrogen’s potential is seen in several sectors. It is what the IEA calls an ‘integration’ technology. It promises to play a cross-sectoral role throughout the energy system, contributing simultaneously to decarbonization in various ways. It can make clean energy sources more efficient and increase overall system flexibility.

BP Plc said it completed the sale of its Prudhoe Bay oil and gas producing properties to closely-held Hilcorp Energy, ending 60 years as a top Alaskan oil producer.

Offshore drilling company Transocean and Italian oil and gas firm Eni have settled a long-standing dispute over a drilling contract for the Deepwater Pathfinder drillship.

Nord Stream 2 AG, Russia's Gazprom-led company building the Nord Stream 2 gas pipeline in the Baltic Sea, has been granted permission from the Danish authorities to use pipelaying vessels with anchors instead of the dynamic-positioning ones.

Oil prices hit a four-month high on Thursday, pushed higher by supply restrictions and a global rebound in demand. However, the accelerating spread of the coronavirus across the United States represents a major red flag, threatening another downturn.

Saudi Arabia raised pricing for August oil shipments to Asia, the U.S. and northern Europe amid signs that energy demand is continuing to recover from its coronavirus-triggered collapse.