BP to cut 4,000 jobs amid falling oil prices

Energy giant BP is to slash 4,000 jobs from its global workforce. The announcement comes in the face of a continued fall in oil prices which hit 12-year lows to […]

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By Priyanka Shrestha

Energy giant BP is to slash 4,000 jobs from its global workforce.

The announcement comes in the face of a continued fall in oil prices which hit 12-year lows to around $32 (£21) a barrel last week.

BP said it aims to reduce its global upstream staff to 20,000 by the end of next year.

Around 600 staff and agency contractor roles will be lost in the North Sea, with the majority being reduced this year.

Mark Thomas, Regional President for BP North Sea insists the company is committed to the North Sea and “see a long term future for our business here”.

He adds: “In 2016, we are continuing to invest around $2 billion [£1.4bn] of capital into North Sea projects and a further $2 billion in running our North Sea operations.This will sustain many hundreds of supply chain contractor jobs going forward.

“However, given the well-documented challenges of operating in this maturing region and in toughening market conditions, we need to take specific steps to ensure our business remains competitive and robust.”