BP to cut 4,000 jobs amid oil price plunge

The Associated Press

Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude.

LONDON (AP) — Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude.

The cuts in BP's upstream business globally will include the loss of some 600 jobs in the North Sea.

The cost-cutting announced Tuesday comes as the price of oil dropped to a 12 year-low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide.

Company officials began notifying employees of the action in town hall meetings in Scotland.

Mark Thomas, regional president for BP North Sea, says in a statement that because of toughening market conditions "we need to take specific steps to ensure our business remains competitive and robust."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs