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.
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BP has announced that a seismic survey programme for the Ashrafi–Dan Ulduzu–Aypara (ADUA) project in the Azerbaijani sector of the Caspian Sea will be carried out between February and April next year, according to Report.
Shell has denied reports that it is in talks to acquire BP in a historic £60 billion deal, despite ongoing market speculation about a potential merger between the two oil giants.
bp, in collaboration with its partners, has signed a series of agreements to strengthen and expand its significant oil and gas interests in Azerbaijan.
Dozens of people are feared dead and around 100 others injured after an explosion tore through a crowded bar during New Year’s Eve celebrations at the Swiss ski resort of Crans-Montana, authorities said.
At least 47 people were killed and 112 injured after a fire broke out at a crowded bar in the Swiss ski resort town of Crans-Montana during New Year’s Eve celebrations, Italian Foreign Minister Antonio Tajani told Italian media on Thursday.
India has approved a major arms deal with Israel valued at approximately $8.7 billion, highlighting the deepening defence partnership between the two countries.
India and Pakistan on Thursday exchanged lists of nuclear facilities as well as civilian prisoners, under long-standing bilateral agreements, according to official statements from both countries.
Chelsea Football Club have parted ways with manager Enzo Maresca, after the London side have won just one of their last seven English Premier League games.
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Venezuela’s government has released 88 more people detained after protests following last year’s presidential election, the second mass release in two weeks, as pressure mounts from the United States on President Nicolás Maduro.
France’s postal and banking services were disrupted on Thursday morning after a cyberattack temporarily rendered their websites and mobile applications largely inaccessible, French radio RFI reported.
India and Pakistan on Thursday exchanged lists of nuclear facilities as well as civilian prisoners, under long-standing bilateral agreements, according to official statements from both countries.
The U.S. on Thursday called on China to exercise restraint and engage in dialogue following Beijing’s military exercises near Taiwan.
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