LONDON (AP)– U.K.-based oil business BP is reducing 4,700 work globally and an additional 3,000 specialist duties as component of a cost-saving drive.
In an e-mail to team on Thursday that has actually been seen by The Associated Press, CHIEF EXECUTIVE OFFICER Murray Auchincloss stated the task losses “account for much of the anticipated reduction this year.”
The reductions amount to just over 5% of BP’s 90,000 worldwide employees. Auchincloss’s memo said that about 2,600 of the contractors involved in the job cuts have already left the business.
Last October, the company said it had identified $500 million of cost savings to be delivered this year, a quarter of the $2 billion-target set in April by the end of 2026.
Auchincloss said that the company is “focusing resources on our highest-value opportunities” which it has actually quit or stopped briefly 30 jobs considering that June.
