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From the Field

BP downsizes in a down market

UK

LONDON, January 12, 2016 – BP will slash around 4,000 upstream jobs globally, including 600 positions from its North Sea operations by the end of 2017, the super-major announced Tuesday.

 

The company still plans to invest around $4 billion total in ongoing operations and new developments in the North Sea, the company’s regional president, Mark Thomas, said.

“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,” he added.

The current BP divestiture announcement follows a particularly tumultuous trading day with Brent crude oil selling at around $30.43 per barrel on January 12, and 2015 settlement requiring the company to pay $20 billion in fines as compensation for the 2010 Gulf of Mexico oil spill.

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