(MENAFN) In a drastic response to collapsing oil prices, BP, UK's energy behemoth plans to slash more than 4,000 jobs worldwide throughout the following two years, hence its struggle is far from over.
Given the well-documented challenges of operating in this maturing region; London-listed energy giant BP had already slashed 4,000 jobs last year as it prepared for a lengthy period of low prices.
Meanwhile, the British multinational firm intends to invest almost USD2bn of capital into North Sea schemes this year in order to sustain many hundreds of supply chain contractor jobs going forward.
"An inevitable outcome of this will be an impact on headcount and we expect a reduction of around 600 staff and agency contractor roles by the end of 2017," stated the regional president for BP North Sea.
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