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.
OpenAI is seeing an increasing number of Chinese groups using its artificial intelligence technology for covert operations, which the ChatGPT maker described in a report released Thursday.
Türkiye’s Minister of Transport and Infrastructure, Abdulkadir Uraloğlu, has announced that Turkish low-cost carrier AJet will begin operating regular flights to Damascus later this month.
ABBA star Björn Ulvaeus is using AI to write a new musical and says it helps spark ideas.
The Russian Prosecutor General’s Office has formally declared the activities of the British Council "undesirable" in the country, saying that the organization actively supports the LGBT movement and carries out projects aimed at discrediting Russia’s domestic and foreign policies.
President Ilham Aliyev has extended his heartfelt congratulations to the people of Azerbaijan on the occasion of Eid al-Adha, highlighting the holiday’s spiritual and unifying significance.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
A strong 6.3 magnitude earthquake shook Japan’s Hokkaido prefecture early Monday, causing no reported injuries or damage, and no tsunami warning was issued, officials confirmed.
Bulgaria will adopt the euro on January 1, 2026, aiming for stronger economic growth and higher living standards, Prime Minister Rosen Zhelyazkov announced following the European Commission’s approval.
As NATO’s annual summit approaches later this month, allied defense chiefs are set to meet in Brussels Thursday for talks on key agenda items, with a proposed overhaul of defense spending targets in focus.
U.S. President Donald Trump on Wednesday suspended for an initial six months the entry into the United States of foreign nationals seeking to study or participate in exchange programs at Harvard University, amid an escalating dispute with the Ivy League school.
The Russian Prosecutor General’s Office has formally declared the activities of the British Council "undesirable" in the country, saying that the organization actively supports the LGBT movement and carries out projects aimed at discrediting Russia’s domestic and foreign policies.
President Ilham Aliyev has extended his heartfelt congratulations to the people of Azerbaijan on the occasion of Eid al-Adha, highlighting the holiday’s spiritual and unifying significance.
OpenAI is seeing an increasing number of Chinese groups using its artificial intelligence technology for covert operations, which the ChatGPT maker described in a report released Thursday.
Türkiye’s Minister of Transport and Infrastructure, Abdulkadir Uraloğlu, has announced that Turkish low-cost carrier AJet will begin operating regular flights to Damascus later this month.
ABBA star Björn Ulvaeus is using AI to write a new musical and says it helps spark ideas.
The Russian Prosecutor General’s Office has formally declared the activities of the British Council "undesirable" in the country, saying that the organization actively supports the LGBT movement and carries out projects aimed at discrediting Russia’s domestic and foreign policies.
President Ilham Aliyev has extended his heartfelt congratulations to the people of Azerbaijan on the occasion of Eid al-Adha, highlighting the holiday’s spiritual and unifying significance.
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