Arab Today, arab today bp to axe 4000 jobs globally on oil price slide
Last Updated : GMT 22:16:10
Arab Today, arab today
Arab Today, arab today

BP to axe 4000 jobs globally on oil price slide

Arab Today, arab today

Arab Today, arab today BP to axe 4000 jobs globally on oil price slide

BP said it will axe more than 4000 jobs worldwide
London - AFP

British energy major BP said Tuesday that it will axe more than 4,000 jobs worldwide over the next two years in response to collapsing oil prices.
The company said in a statement that it would "reduce BP upstream staff globally from 24,000 to somewhere below 20,000 by year-end 2017".

The cutbacks will include 600 job losses at BP's North Sea activities.

London-listed energy giant BP had already slashed 4,000 jobs last year as it prepared for a prolonged period of low prices.

Brent North Sea crude prices tumbled to fresh 12-year lows on Tuesday and have shed more than 15 percent so far this year.

The oil market had plunged by 35 percent in 2015, its third consecutive annual decline, plagued by chronic oversupply.

Mark Thomas, regional president for BP North Sea, said that "given the well-documented challenges of operating in this maturing region and in toughening market conditions, we need to take specific steps to ensure our business remains competitive and robust".

"An inevitable outcome of this will be an impact on headcount and we expect a reduction of around 600 staff and agency contractor roles by the end of 2017, with the majority of these taking place this year," he added.

Oil dived close to $30 per barrel on Tuesday on global oversupply, as OPEC member Nigeria called for an emergency meeting to address collapsing prices that has ravaged revenues and hurt the profits of energy majors.

BP stressed however on Tuesday that it is "committed to the North Sea".

The group said it would invest about $2 billion of capital into North Sea projects this year.
"This will sustain many hundreds of supply chain contractor jobs going forward," it added.

- 'Prices still falling' -

British production of oil and gas rose in 2015 for the first time in 15 years but may struggle to maintain the performance amid low energy prices.

Output is expected to have risen by as much as eight percent last year after a strong first 10 months, industry body Oil and Gas UK said last week.

BP profits meanwhile collapsed in the third quarter of 2015 as oil prices halved on the back of the stubborn global supply glut.

That forced the British energy giant to scale back investment and sell more assets, also after it was ravaged by the catastrophic 2010 Gulf of Mexico oil spill.

David Elmes, professor at Warwick Business School, said that the news was a reflection that energy prices would remain at low levels for some time.

"BP's announcement of job cuts is sad news for the staff and communities involved but (they) are a reflection that world prices for oil and gas look set to be lower for longer," he said.

"World prices have fallen in the past, but recovered soon after. The current drop in prices started more than a year ago and prices are still falling."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bp to axe 4000 jobs globally on oil price slide Arab Today, arab today bp to axe 4000 jobs globally on oil price slide

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bp to axe 4000 jobs globally on oil price slide Arab Today, arab today bp to axe 4000 jobs globally on oil price slide

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday