Home / Market / BP to slash 4,000 jobs or 5% of its workforce as it cuts production in oil slump
bp.jpg

BP to slash 4,000 jobs or 5% of its workforce as it cuts production in oil slump

With crude prices at 12-year lows, the world's biggest oil producers face their longest period of investment cuts in decades.

LONDON — British oil and gas company BP announced plans on Tuesday to slash 5 per cent of its global workforce in the face of a continued slump in oil prices.

It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it undergoes a US$3.5 billion restructuring program. BP said its headcount totalled around 80,000 at the end of 2015.

With crude oil prices at 12-year lows of around US$32 a barrel, the world’s biggest oil and gas producers are set to continue aggressively slashing spending this year as they face their longest period of investment cuts in decades.

Related

Check Also

chipotle_food_safety.jpg

Chipotle restaurant shut down in Seattle for food-safety violations, adding to woes after E. coli outbreak

A Chipotle restaurant in Seattle was shut down for repeated food-safety violations, bringing a fresh …

Leave a Reply

Your email address will not be published. Required fields are marked *