BP Plc will cut about 300 jobs in the U.K.’s North Sea to cope with slumping oil prices and aging oil fields.
About 200 onshore posts and 100 contractor positions will go, Europe’s third-largest oil company by market value said in an emailed statement.
The crash in oil prices is forcing the industry to cut costs and billions from capital budgets to conserve cash. BP will lower its headcount and shut or sell assets in a restructuring plan that will cost about $1 billion, it said last month.
“We are taking specific steps to ensure our business remains competitive,” Trevor Garlick, regional president for BP North Sea, said in the recent statement.
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