BP is set to make around 7,500 compulsory redundancies after roughly 2,500 staff - or just over one in ten of those eligible - applied for voluntary severance, according to an internal memo seen by Reuters and company sources.
The oil industry is facing one of its biggest ever crises, with a collapse in demand and oil prices due to the COVID-19 pandemic and pressure from activists and investors to help battle climate change.In an internal memo this week, BP said that out of 23,600 people eligible for voluntary redundancy, some 2,500 had applied, including about 500 people in senior roles.
Looney has promised to cut oil and gas output by 40per cent by the end of this decade, a radical pledge for an energy company, as he seeks to dramatically expand renewables production such as offshore wind and solar.Investors have praised the drive, but also questioned the financial viability of the plan as renewables generate much lower returns.
Two BP sources said the company considered more than 10per cent of those eligible accepting voluntary redundancy as a good turnout. Employees were typically offered one month's salary for every year of service."Losers get a package and will walk out by the end of the year ... Staff choice is brutal," one of the sources said.
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