BP plans to axe 4,000 jobs worldwide, of which 600 jobs will be cut from its operations in the North Sea, equivalent to 20% of the oil major’s headcount in the region.
All the job losses, which amount to 5% of BP’s global workforce, will occur in BP’s oil exploration and drilling business, the company said, as a consequence of the 70% decline in crude oil prices seen since mid-2014.
BP expects the headcount in its upstream division to be below 20,000 by the end of the year, a company spokesman told press.
BP’s North Sea operations employ 3,000 people, of which 1,250 are based in Aberdeen, 565 offshore, 350 in Shetland, 330 in Grangemouth, 150 in London and 250 in South Korea.
The company cut 300 North Sea jobs last year, but still plans to invest about $4bn (£2.7bn) in its North Sea operations during 2016.