Daily Management Review

BP to cut 15% of staff within transition to renewables program


The British oil and gas company BP plans to reduce about 15% of its employees due to the situation with coronavirus, as well as adapting to the trend towards the transition to renewable energy, Reuters reported with reference to sources in the company.

Weixi Zeng
Weixi Zeng
"Bernard Looney told employees during an online call that the company will cut 10,000 jobs out of the current 70,100; most of them by the end of this year," the source said.

In April, BP announced a 25% reduction in spending this year as the coronavirus pandemic resulted in a drop in oil demand. In addition, the agency’s source added that job cuts are also “part of Looney’s desire to make the company more flexible because of the desire to switch to low-carbon energy.”

Reuters, however, draws attention to the fact that in May Looney announced significant changes in the top management of companies, announcing a wide range of new appointments, while according to his plan, the number of the BP leadership group will be halved.

BP is a British company, one of the six largest oil and gas corporations in the world. It was founded in 1909. According to the results of the first quarter, the company received a net loss attributable to shareholders at the level of 4.365 billion dollars against a profit at 2.934 billion a year earlier.

source: reuters.com