BP has confirmed that it will cut 15% of its workforce – 10,000 staff – before the end of 2020 due to the economic impact of coronavirus.
The multinational oil and gas organisation, which is headquartered in London, informed employees on Monday (8 June) that there would be company-wide redundancies within the next few weeks and months.
In an email to staff, Chief Executive Bernard Looney said: “The oil price has plunged well below the level we need to turn a profit.
“We are spending much, much more than we make – I am talking millions of dollars, every day.”
A low global demand for oil has taken its toll on the industry over the past few months, meaning as many as 2,000 BP staff in Britain could now be made redundant.
Mr. Looney also confirmed that most job cuts would take place in offices, rather than in “front-line operation roles”.