BP to cut 4,700 jobs and 3,000 contractor roles to reduce costs

BP is eliminating 4,700 positions, about 5 per cent of its workforce, and more than 3,000 contractor jobs, chief executive Murray Auchincloss told staff on Jan 16 as the London-based energy giant seeks to reduce costs.

- 

LONDON -

More cost-cutting efforts are planned for this year and beyond, he said.

The company has stopped or paused 30 projects since last June to focus on those that make the most money. A digitalisation drive, including pushing artificial intelligence across departments, is key to these plans, he noted.

As for which offices and job functions are affected by the cuts, a spokesperson from BP told The Straits Times that they would not be "giving breakdown by country, regions or businesses".

BP has fallen further behind its fellow oil majors during Mr Auchincloss' tenure as CEO and is now worth less than half as much as Shell.