BP to Lay Off 10,000 Employees Due to Restructuring... "Impact of COVID-19 and Oil Price Collapse"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Global energy company British Petroleum (BP) announced on the 8th (local time) that it will cut 10,000 jobs, which is 15% of its workforce, due to the economic impact of the novel coronavirus infection (COVID-19).

According to Bloomberg News and others, Bernard Looney, CEO of BP, stated in a letter to employees on the same day that restructuring will be carried out by the end of this year in response to the pandemic (global outbreak).

Currently, BP has a total of 70,000 employees. BP had previously reduced the number of manager-level employees from about 250 to around 120 last month. CEO Looney emphasized, "The main targets of the restructuring will be office workers," adding, "We will protect the front lines of the workplace and prioritize safe and reliable operations."

CEO Looney was appointed in February and began his duties. Since then, he has faced the impact of COVID-19 and the plunge in oil prices. He said, "Oil prices have plummeted below the level that can sustain profits," and recently, expenditures have exceeded revenues.

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