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.
Fears of wider escalation grow despite President Donald Trump saying U.S. strikes on Iran could end within weeks. Meanwhile missile attacks, tanker incidents and rising casualties across Israel, Lebanon and the Gulf heighten risks to regional stability and energy routes.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
Russian-flagged tanker carrying approximately 700,000 barrels of crude oil docked at Cuba's Matanzas oil terminal on Tuesday, shipping data confirmed, marking a vital and controversial delivery to an island paralysed by severe energy shortages and a suffocating U.S. blockade.
A Russian military An-26 aircraft has crashed in Crimea, killing all 30 people on board, Russia’s Defence Ministry has confirmed.
Explosions were heard in the Syrian capital Damascus as Israeli air defences intercepted Iranian missiles, Syrian state television reported on Tuesday.
In a dramatic shake-up at the top of the U.S. Justice Department, President Donald Trump has removed Attorney General Pam Bondi from her post, a White House official confirmed on Thursday.
American President Donald Trump threatened on Wednesday to pull the United States out of NATO after European nations refused to join a U.S.-led naval mission to unblock the Strait of Hormuz.
France has unveiled a delayed wave of renewable energy tenders to boost energy independence and strengthen domestic and European industry.
China is emerging as one of the more stable economies amid the latest global oil shock, thanks to years of planning, diversified energy sources and a steady shift towards renewable power.
In a major policy reversal, the U.S. Treasury has removed Venezuela’s acting president, Delcy Rodríguez, from its sanctions list, signalling a sharp shift in Washington’s approach to Caracas.
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