UK 'to bear brunt' of BP cuts as thousands of jobs will be trimmed as part of process dating back to Deepwater Horizon disaster
Britain is likely to be hit hardest after BP announced it was slashing jobs.
Several thousand back office roles will be cut as it slims operations in a process that dates back to the Deepwater Horizon disaster of 2010. It has around 86,000 staff globally, including 15,000 in the UK.
But because its head office is in Britain, and the company is listed in London, it is thought that the UK has a higher proportion of back office staff, meaning it is likely to be hit hardest by the cutbacks.
Paying the price: Several thousand back office roles will be cut as it slims operations in a process that dates back to the Deepwater Horizon disaster of 2010. It has around 86,000 staff globally, including 15,000 in the UK
Yesterday, the company said it planned to save $1billion (£636million) in the coming year.
Chief executive Bob Dudley said: ‘The simplification work we have already done is serving us well as we face the tougher external environment. We continue to seek opportunities to eliminate duplication and stop unnecessary activity that is not fully aligned with the group’s strategy.’
The company has been hit by the falling price of oil, which has come down by nearly 45 per cent since the summer.
It has been selling off operations in the wake of the 2010 Gulf of Mexico spill and has offloaded some £27billion of assets since.
The group, down 6.35p at 399.60p, has reined in expansion plans and earlier this year cut spending by up to £1.2billion this year.
Smaller rival BG Group, down 26.40p at 872.40p, yesterday said it had sold a gas pipeline in Australia to APA, which is similar to the country’s national grid, for £3.2billion.
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