Oil Giant BP Announces the Loss of 10,000 Jobs Worldwide

Faced with the plunge in prices, BP had already announced, in April, a drastic drop in investment spending and a savings plan.

The British oil giant BP announced on Monday June 8 that 10,000 jobs worldwide, or 15% of its workforce, would be cut in order to adapt to an oil market hit hard by the health crisis. The majority of the job cuts will take place by the end of the year, the group said in a statement.

Two thousand of these positions are based in the UK, said a spokesperson. The abolished positions will mainly be office positions, not operational functions. The hierarchy will not be spared, since BP will reduce by a third the number of senior executives, who are 400 at the moment.

Faced with the collapse in oil demand caused by containment measures, BP had already announced, in early April, a 25% drop in investment spending and a savings program of $ 2.5 billion in 2021.

Beyond this conjuncture, its managing director, Bernard Looney, who took office in February, claims to “reinvent” BP and redirect this British company towards renewable energies. “The idea has always been to make BP a leaner, more responsive and less carbon-intensive group,” said Bernard Looney on Monday.

The strategic plan announced in February already planned to form a smaller group in order to ensure a future less dependent on fossil fuels. But the health crisis changed everything and prompted BP to take drastic action. BP fell $ 4.4 billion in the first quarter due to falling prices.

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Oil Giant BP Announces the Loss of 10,000 Jobs Worldwide - /10

Summary

Faced with the plunge in prices, BP had already announced, in April, a drastic drop in investment spending and a savings plan.

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