BP Cuts Jobs, Shelves Projects Due to Low Oil Prices
Falling oil prices have prompted oil giant BP to accelerate plans to cut hundreds of jobs in its UK offices, Fierce Energy reports.
“Oil is concentrating minds on making the organization more efficient and the right size for the smaller portfolio we have now,” the company said earlier this week.
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“In addition to job reductions, the British-based company also is expected to shelve major projects, at least for the time being,” Peeples writes. “BP has steadily divested parts of its portfolio recently and is now a third smaller than it was four years ago.”