Only one fourth of oil major BP’s 10,000 job cuts to be voluntary as company reinvents itself
LONDON: BP is set to make around 7,500 compulsory redundancies after roughly 2,500 staff – or just over one in ten of those eligible – applied for voluntary severance, according to an internal memo seen by Reuters and company sources.
The oil major announced plans in June to lay off almost 15% its 70,000-strong workforce as part of Chief Executive Bernard Looney’s plan to cut costs and “reinvent” the business for a low carbon future.
Most of the layoffs will come from office-based staff in BP’s core oil and gas exploration and production division, where thousands of engineers, geologists and scientists are set to leave. They will not impact frontline production facilities.
