Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Eurofound (2016), BP, Internal restructuring in World, factsheet number 86232, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86232.