In response to the crisis in the oil and gas industry due to the new coronavirus, BP will cut up to 15% of its workforce later this year
British oil company BP will cut around 15% of its workforce in response to the crisis generated by the coronavirus and as part of a plan by chief executive Bernard Looney to move the oil and gas company towards renewable energy. Petrobras reduces fuel loss due to theft with the implementation of the Integrated Pipeline Protection Program
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During a global conference call, Looney told employees that the London-based company will cut 10 jobs from a current total of 70,1.
"We will now begin a process in which we will see close to 10 people leaving BP – most of them by the end of this year," Looney said in a statement.
According to BP, the most affected vacancies will be in senior positions in offices, not in the operational frontline team.
About a fifth of the layoffs will take place in the UK, where BP employs 15 people, a spokesman for the oil company said.
Like all other major global oil and gas companies, BP has announced projected investment cuts for this year in the wake of the coronavirus pandemic, which has slammed demand for oil to an unprecedented level.
BP has signaled a 25% cut in its investment for 2020 to $12 billion. A company also said it will seek $2,5 billion in spending cuts by the end of 2021 through digitization and business integration.
