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BP Is Reducing Its Oil Exploration Team to Fewer Than 100 People to Focus and Develop Activities in Renewable Energy
The UK-based multinational BP, operating in the energy sector, particularly oil and gas, is reducing its team of professionals who were involved in fossil fuel exploration (geologists, engineers, and scientists) to work on projects focused on climate change and renewable energy.
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The dismissal or reassignment of staff at the company is the strongest signal that BP is moving quickly towards renewable energy, even though oil and natural gas remain its main source of funding, which in turn facilitates the transition.
According to the media, BP has not commented on the personnel changes, which have not been made public. However, company sources told Reuters that the exploration teams in Moscow and Houston and BP’s research headquarters in Sunbury, near London, have been dismantled.
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Bernard Looney has reduced BP’s production target and has become the first major CEO in the oil industry to promote this change, which is positive for investors seeking a long-term view of a low-carbon economy. He announced that BP will reduce its production by 1 million barrels per day, or 40%, over the next decade while increasing renewable energy production by 20 times.
Additionally, under Looney’s reorganization, BP laid off about 10,000 employees, representing about 15% of the total workforce. This is the most aggressive reorganization among oil giants like Shell and Total.
BP’s shares are currently impacted negatively, hitting the lowest level in 25 years at the end of 2020 (a 44% drop for the year), primarily due to doubts about whether the stock can transform and achieve the expected profit.
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