BP has confirmed it is planning to cut around 10,000 jobs worldwide.
Chief executive Bernard Looney said: “We will now begin a process that will see close to 10,000 people leaving bp – most by the end of this year. The majority of people affected will be in office-based jobs.”
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BP was unable to give a regional breakdown of how many workers are affected in the North-east.
The oil downturn, brought on by the Covid-19 pandemic, was to blame according to Mr Looney, which saw BP fall to pre-tax losses of £3.6 billion for the first quarter of the year in April.
He said: “The oil price has plunged well below the level we need to turn a profit. We are spending much, much more than we make – I am talking millions of dollars, every day. And as a result, our net debt rose by $6 billion in the first quarter.”
The statement on the BP website from Mr Looney continued: “These are tough decisions to make. But the impact – particularly on those leaving us – is much, much tougher.
“I understand this and I am sorry. But we must do the right thing for bp and this is that right thing. It will help strengthen our finances. And it will help create a leaner, faster-moving and more competitive company for the majority who are staying.
“You can and should expect us to do it the right way. We will work hard to make sure the process is fair, and we will treat those leaving with the respect and the dignity they have earned and deserve.
“We are going to work through this carefully, but quickly. And while change can be distracting, we must remain focused on safe and reliable operations.
BP currently employs 70,000 people.
