BP announced on Thursday, January 16, that it will reduce its global workforce by over 5%
BP announced on Thursday, January 16, that it will reduce its global workforce by over 5% as part of CEO Murray Auchincloss' strategy to cut costs and rebuild investor confidence. The company plans to eliminate approximately 4,700 employee positions and 3,000 contractor roles this year, as revealed in an internal memo. BP's shares rose 1.8% by 1110 GMT following the announcement.Auchincloss had previously stated that BP aimed to cut costs by at least $2 billion by the end of 2026 to improve returns and address concerns over its energy transition strategy.
The cuts also come as Auchincloss works to restore confidence after the sudden resignation of his predecessor, Bernard Looney, in September 2023, due to undisclosed relationships with employees.
The job reductions follow a comprehensive review of BP’s divisions, though the exact breakdown of the cuts has not been disclosed. BP’s total workforce is approximately 90,000.
bp, in collaboration with its partners, has signed a series of agreements to strengthen and expand its significant oil and gas interests in Azerbaijan.
bp, SOCAR and TPAO today signed several agreements enabling TPAO to join the production sharing agreement (PSA) for the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea.
Energy giant bp is ramping up exploration and development efforts across the Caspian Basin, eyeing massive untapped oil and gas resources, according to Dan Sparkes, bp's Vice President for Exploration in Azerbaijan, Georgia, and Türkiye.
British energy giant BP has announced final investment decisions for two major projects in Azerbaijan: the construction of the 240 MW Shafag solar power plant in Karabakh and the electrification of the Sangachal terminal near Baku.
U.S. Homeland Security Secretary Kristi Noem is visiting Central America to strengthen cooperation on curbing drug trafficking and reducing undocumented migration to the U.S., meeting leaders in Panama, Costa Rica, and Honduras.
The White House plans to restrict classified intelligence sharing with Congress after media leaks contradicted President Donald Trump’s claims about the success of U.S. airstrikes on Iranian nuclear sites, setting up a tense briefing with lawmakers.
China is calling for Shanghai Cooperation Organization (SCO) member states defence chiefs to "take more robust actions to jointly preserve the environment for peaceful development."
Australia will not raise its defence spending targets despite pressure from U.S. President Donald Trump, choosing instead to follow its own military strategy, Defence Minister Richard Marles said on Thursday.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 26th June, covering the latest developments you need to know.
President Donald Trump has unveiled a nearly $900 billion defence plan for 2026, keeping spending flat but shifting firepower toward cutting-edge missiles and drones in a bid to counter China and modernise America’s military edge.
U.S. Homeland Security Secretary Kristi Noem is visiting Central America to strengthen cooperation on curbing drug trafficking and reducing undocumented migration to the U.S., meeting leaders in Panama, Costa Rica, and Honduras.
The White House plans to restrict classified intelligence sharing with Congress after media leaks contradicted President Donald Trump’s claims about the success of U.S. airstrikes on Iranian nuclear sites, setting up a tense briefing with lawmakers.
China is calling for Shanghai Cooperation Organization (SCO) member states defence chiefs to "take more robust actions to jointly preserve the environment for peaceful development."
U.S. Homeland Security Secretary Kristi Noem is visiting Central America to strengthen cooperation on curbing drug trafficking and reducing undocumented migration to the U.S., meeting leaders in Panama, Costa Rica, and Honduras.
The White House plans to restrict classified intelligence sharing with Congress after media leaks contradicted President Donald Trump’s claims about the success of U.S. airstrikes on Iranian nuclear sites, setting up a tense briefing with lawmakers.
China is calling for Shanghai Cooperation Organization (SCO) member states defence chiefs to "take more robust actions to jointly preserve the environment for peaceful development."
Australia will not raise its defence spending targets despite pressure from U.S. President Donald Trump, choosing instead to follow its own military strategy, Defence Minister Richard Marles said on Thursday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment