BP Oil Company to Lay Off 10,000 Employees Due to Crisis Caused by Coronavirus

In Response to the Crisis in the Oil and Gas Industry Due to the New Coronavirus, BP to Cut Up to 15% of Its Workforce This Year

The British oil company BP will cut about 15% of its workforce in response to the crisis caused by the coronavirus and as part of a plan by CEO Bernard Looney to transition the oil and gas company to renewable energy. Petrobras Reduces Fuel Losses Due to Thefts with the Implementation of Integrated Pipeline Protection Program

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During a global conference call, Looney told employees that the London-based company will cut 10,000 jobs, out of a current total of 70,100.

“We will now begin a process in which we will see close to 10,000 people leaving BP – most of them by the end of this year,” Looney said in a statement.

According to BP, the most affected positions will be senior roles in offices, not in the frontline operational team.

About one-fifth of the layoffs will occur in the UK, where BP employs 15,000 people, said a company spokesperson.

Like all other major global oil and gas companies, BP announced cuts to its planned investments for this year following the coronavirus pandemic, which has caused unprecedented reductions in oil demand.

BP signaled a 25% cut in its investment for 2020, to $12 billion. The company also stated that it will seek $2.5 billion in expense reductions by the end of 2021 through digitalization and business integration.