BP announces massive cuts
US, WASHINGTON (ORDO NEWS) — BP, the oil company, plans to cut about 15% of its workforce amid an outbreak of coronavirus and, as part of CEO Bernard Looney’s plan, to transfer the company to work with renewable energy sources, reports Reuters.
Looney told employees that a London-based company will cut 10,000 jobs out of the current 70,100, with most cuts to be made before the end of this year.
A company representative declined to comment on the situation.
Job cuts followed a 25% reduction in spending in 2020, which the company announced in April when the coronavirus pandemic led to an unprecedented drop in oil demand.
Sources said job cuts are also part of Luni’s desire to make the 111-year-old oil company more flexible as it prepares for the transition to low-carbon energy.
Last month, Looney announced a serious reduction in top management, halving the composition of the BP management team in accordance with his plan to restructure the company.
Shortly after taking office in February, the 49-year-old CEO said he was creating 11 divisions to “rethink” BP and dismantle the traditional structure, which is dominated by the oil and gas business and the refining, marketing and trading divisions.
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