BP plans to cut 10,000 jobs as a result of the global decline in demand for oil because due to the coronavirus crisis, it has been announced.
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. And as a result, our net debt rose by $6 billion in the first quarter.”
The oil giant had paused redundancies during the peak of the pandemic but told staff on Monday that around 15% will leave by the end of the year.
BP has not said how many jobs will be lost in the UK but it is thought the figure could be close to 2,000.
In his email, the CEO added: “The most senior levels of BP will bear the biggest impacts, with the firm looking to reduce the number of group leaders worldwide by around one third."
The reshuffle has already seen the promotion of current North Sea president Ariel Flores. His replacement Emeka Emembolu will take up the role on July 1.
BP is a major spender in the UK sector, bringing the huge Clair Ridge project on board in 2018 after an investment of nearly £5bn.