BP will cut hundreds of jobs in an attempt to reduce increasing costs and cope with declining oil prices, according to reports.
The company is expected to make the announcement soon and the cuts will be within the company’s back-office departments, mostly in the UK and US.
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The move will affect employees working at BP’s offices in Aberdeen, Sunbury and London, UK.
Oil prices have declined by around 40% in recent months from a year-high price of $115 per barrel in June.
A BP spokesman was quoted by the BBC as saying: "The fall in oil prices has added to the importance of making the organisation more efficient and the right size for the smaller portfolio we now have."
BP employs approximately 84,000 people worlwide with around 15,000 in its UK offices.
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By GlobalDataThe company is making strategic decisions to manage increasing costs associated to the Deepwater Horizon Spill in the Gulf of Mexico in 2010.
Earlier this year, a US federal judge ruled that BP’s willful misconduct and gross negligence led to the Deepwater Horizon oil spill.
The Deepwater Horizon drilling rig exploded in April 2010, killing 11 men and injuring several others.
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