BP layoffs: British Petroleum plans major cost-cutting measures

Oil and gas giant British Petroleum (BP) is planning to lay off 7,700 employees as part of a major cost-cutting plan. The company is going to cut 4,700 jobs across its global staff alongside 3,000 contractor roles.

BP has not yet confirmed the number of employees to be affected in the UK. But the number of people to be laid off is currently around 5% of its total staff size. Employees at the company got a letter detailing the restructuring efforts today.

The latest job cuts come after British Petroleum launched a plan last year to reduce its expenses by at least $2 billion by the end of 2026. The company seeks to become simpler and more focused.

The layoff announcement comes a couple of days after BP noted its anticipation of less oil and gas production affecting its fourth-quarter results for 2024. The oil and gas giant has reportedly stopped or paused 30 projects since last June.

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