Energy giant bp is cutting 5% of its global workforce to save costs.
The reductions, amounting to around 4,700 jobs as well as 3,000 contractor roles, were announced in a staff memo. The company has around 90,000 workers globally and 16,000 in the UK.
The drop in head count comes as the company wants to become ‘simpler, higher value’ entity, with more emphasis on digital.
bp stopped 18 early-stage hydrogen projects as it posted its weakest quarterly profit in almost four years in October.
The energy major’s underlying profit for July-September was $2.2bn, down from $3.3bn in the third quarter of 2023, while in the first nine months in 2024 it totalled $7.7bn, down from $10.8bn in the corresponding period last year.
bp recently began flowing gas from wells at the GTA Phase1 liquefied natural gas (LNG) project to its floating production storage and offloading (FPSO) vessel for the next stage of commissioning (pictured).
GTA, offshore Mauritania and Senegal, is one of the deepest offshore developments in Africa, with gas resources in water depths of up to 2,850m. Once fully commissioned, GTA Phase 1 is expected to produce around 2.3 million tonnes of LNG per year.
bp and Iberdrola received the green light to build a 25 MW green hydrogen project at bp’s Castellón refinery – expected be operational in second half of 2026 – last September.
bp and ADNOC investment company XRG completed the formation of their new international gas platform joint venture Arcius Energy in December.
Announced in February, Arcius Energy is 51% owned by bp and 49% by XRG. The new joint venture will combine the pair’s technical capabilities and development track record.
Fourth quarter and full year results will be published on 11th February.
