British Petroleum Slashes 4K Jobs

UK oil firm BP has announced it is cutting 4,000 jobs globally, 600 of which will be lost from its North Sea operations.

It comes as profits continue to suffer as a result of a 70% collapse in oil prices leading to a big cutback in investment across the oil industry.
The North Sea job cuts are expected to take place over a two-year period.
BP said all the job losses would occur in its oil exploration and drilling business.

“We want to simplify structure and reduce costs without compromising safety. Globally, we expect the headcount in upstream to be below 20,000 by the end of the year,” a company spokesman said.

The job losses amount to around 5% of BP’s total global workforce of 80,000. BP currently employs around 3,000 people in the UK.

BP said it remained committed to the North Sea and would invest about $4bn (£2.7bn) there this year.

But in a statement, the oil firm said given the “challenges” of operating in the North Sea and in “toughening market conditions” it needed to “take specific steps to ensure our business remains competitive and robust”.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza