British oil and gas company BP to axe 4,000 jobs on 12-year oil price low

British oil and gas company BP announced plans yesterday to slash 5% of its global workforce in the face of a continued slump in oil prices.

It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it undergoes a $3.5 billion (€3.2bn) restructuring programme.

BP said its headcount totalled around 80,000 at the end of 2015.