BP to cut jobs amid falling oil prices

London

BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a US$1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The bulk of the costs will go towards staff redundancies in all segments, including oil exploration and production, refining and trading and administration, a company spokesman said.

The British oil major said that a first charge will be taken in the fourth quarter of 2014 as it implements a plan drawn up over the past 18 months to increase efficiency.