Power producer BP introduced Monday that it’s going to slash its world workforce by 10,000 jobs because the COVID-19 pandemic slams the oil and gasoline trade.
It isn’t clear but what number of Canadian jobs will probably be minimize and in what capability.
Chief govt Bernard Looney stated that the cuts will have an effect on office-based roles in BP’s world workforce of 70,000 folks and are available largely this yr. The modifications are anticipated to considerably have an effect on senior ranges, reducing the variety of group leaders by a 3rd.
“We’re defending the entrance line of the corporate and, as all the time, prioritizing secure and dependable operations,” Looney stated after a name along with his employees.
The job cuts come amid a time of large change for BP.
The worldwide vitality trade has been hit exhausting by the pandemic because the widespread limits on enterprise, journey and public life lowered the necessity for oil, gasoline and different fuels.
Provide was additionally significantly excessive when the outbreak started, creating an ideal storm for the trade. With storage services filling up, the U.S. worth of oil went under zero in April for the primary time ever.
Plans for the longer term give attention to local weather change
BP, in the meantime, has stated it needs to eradicate or offset all carbon emissions from its operations and the oil and gasoline it sells to clients by 2050, an bold goal born out of stress to assist fight local weather change and hold creating wealth.
“To me, the broader financial image and our personal monetary place simply reaffirm the necessity to reinvent BP,” Looney stated in an e-mail to employees. “Whereas the exterior atmosphere is driving us to maneuver quicker — and maybe go deeper at this stage than we initially meant — the course of journey stays the identical.”
The U.S. contract for oil started the yr at over $60 US a barrel, collapsed to under -$37 US in April and recovered to about $39 US a barrel as of Monday as OPEC nations agreed to restrict manufacturing.