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BP plans to cut 4,000 more jobs as crude-oil slump deepens

Source | LiveMint : By Rakteem Katakey

London: BP Plc plans to cut 4,000 jobs in its crude- oil production division this year as prices trade near a 12-year low.

The company will reduce its worldwide upstream workforce to less than 20,000, London-based spokesman David Nicholas said by phone. The cuts include 600 people working at North Sea projects: they’ll lose their positions over the next two years “with the majority in the first year,” he said.

BP, one of the first producers to predict a prolonged oil price slump, is cutting staff after dismissing 4,000 employees last year. The oil industry has cut more than 250,000 jobs in the past 18 months as companies reduce spending on exploration and defer new projects amid declining profit and revenue.

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