UK-based energy giant bp announced on Thursday it will cut around 4,700 jobs, representing over 5% of its workforce, as part of a cost-cutting initiative aimed at boosting competitiveness and streamlining operations.
“Today, we have told staff across bp that the proposed changes that have been announced to date are expected to impact around 4,700 bp roles,” bp said in a statement to Anadolu.
“These account for much of the anticipated reduction this year,” the company added.
The oil major also plans to reduce its contractor workforce by an additional 3,000 positions, it said.
Last year, the company began a multi-year program to simplify and focus bp.
“We are strengthening our competitiveness and building in resilience as we lower our costs, drive performance improvement and play to our distinctive capabilities,” it added.
“To deliver this, a series of programmes are in place in businesses throughout bp,” it said.
As part of the program, the British company set a goal to reduce costs by $2 billion by the end of 2026.
According to bp’s website, a total of 87,800 employees are working for the company in 61 countries.
Reporting by Nuran Erkul in London
Writing by Handan Kazanci
Anadolu Agency
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