British oil giant BP is today (15 January) informing staff at North Sea oil and gas platforms of around 300 job cuts.
It is an “inevitable outcome” of tough conditions such as the oil price, said executives. BP expects to chop around 200 staff and 100 contractor roles onshore.
It is framing the move against a backdrop of its recent sales of oil and gas sites and businesses of more than $40 billion. It announced in December plans to spend $1 billion on the changes, including redundancies.
However analysts will speculate it is hastened along by the falling oil price. Brent crude oil is currently around $47 per barrel.
The firm still sees a “long term future for our business” in the North Sea, said Trevor Garlick, Regional President for BP North Sea.
However he added: “Given the well-documented challenges of operating in this maturing region and in toughening market conditions, we are taking specific steps to ensure our business remains competitive and robust and we are aligning with the wider industry.”