BP is set to eliminate 700 jobs from its upstream division as part of a broad restructuring under new chief executive Meg O'Neill, staff were told in an email.
The cuts will target roles in the discovery and extraction of crude oil, but will spare front-line positions such as technicians. The company said the aim is to streamline operations and boost returns amid signs of potential oversupply and lower oil and gas prices.
O'Neill has said the restructure will create a simpler, stronger, and more valuable firm, and is leading a pivot back toward fossil fuels following a renewables drive the company has characterized as a failure.
BP has faced pressure from activist investor Elliott Investment Management. Former chief executive Murray Auchincloss stepped down after less than two years in the role, and chairman Albert Manifold was removed after just eight months.
