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NEWS BULLETIN

January 12, 2016 --- Vol. 22, No. 4January 2016

BP announces worldwide job cuts

According to multiple media reports this morning, BP has announced that it is cutting 4,000 jobs in its worldwide oil exploration and production business in response to falling oil prices. According to the Seeking Alpha website, 600 of the cuts will be in the company's North Sea operations and the cuts will take place over the next year or two.

The impact on BP's Alaska operations is unclear.

"We have recently informed staff that we plan to further reduce numbers in our upstream segment by 2017 as we continue to simplify our business, improve efficiency and reduce costs without of course compromising safety which remains our number one priority," company spokeswoman Dawn Patience told Petroleum News by email this morning.

- ALAN BAILEY

See story in Jan. 17 issue, available online Friday, Jan. 15 at www.PetroleumNews.com

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