The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06.10 - Extraction of crude petroleum
4,000 jobs Number of planned job losses
Announcement Date
12 January 2016
Employment effect (start)
12 January 2016
Foreseen end date
12 January 2018
Description
BP announced a 4,000 jobs cut worldwide as profits suffer due to the low oil price. The price of oil has been steadily falling for some time, and on the 13th January 2016 fell to a twelve year low of US$30.34(EUR 27.83) per barrel. All job losses will occur in the oil exploration and drilling segment of its operations, and equates to roughly 5% of BP's workforce.
Of the 4000 job losses, 600 will be in BP's North Sea operations, and BP intend to finish their job cuts over a two year period, concluding late 2017 or early 2018. Operations will still continue in the North Sea, with planned investment of around US$4 billion going ahead in 2016.
Sources
12 January 2016: BBC News
13 January 2016: Financial Times
Citation
Eurofound (2016), BP, Internal restructuring in World, factsheet number 86232, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86232.
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