BP to cut 10,000 jobs worldwide; BPTT: Too early to say what happens here

BPTT logo
BPTT logo

BPTT on Monday said it is too early to tell whether the announcement by its parent company BP to reduce 10,000 jobs worldwide will have any impact on its business in TT.

BP CEO Bernard Looney said the cuts will affect office-based roles in BP's global workforce of 70,000 people and come mostly this year. He said the changes are expected to significantly affect senior levels, cutting the number of group leaders by a third. In a statement, BPTT said the details of the changes announced by Looney will be finalished in the coming months and "for the most part come into effect in 2021."

BPTT said, "While global targets have been announced for headcount reductions it is too soon to know the impact on our Trinidad business.

"Our sanctioned investments and projects in Trinidad will continue as planned. The company added, "We remain committed to efficiently developing our gas resources while exploring opportunities to decarbonise gas value chains and develop new low carbon businesses."

BPTT said it looked forward to opportunities "to partner with industry and the country to support TT’s energy future. The company observed that society's expectations and the expectations on the the enegy industry are changing rapidly.

In an address to the 2020 Energy Conference at the Hyatt Regency Hotel in Port of Spain in February, the Prime Minister said BPTT continues to undertake significant activity to support production, manage decline on its existing fields while continuing to progress future exploration activity and complete execution of projects that are underway.

Dr Rowley said, " The total spend of BPTT is projected to be in the range of US$1.2 billion in 2020 and US$1.4 billion in 2021. In 2022 the Cassia C compression projects, Matapal and Cypre are due to come on stream, with Ginger in 2023 and Jasmine in 2024."

BPTT, in its statement, said the prolonged challenges posed to energy markets as a result of the covid19 pandemic and the demand for affordable, reliable and cleaner energy has led to BP undertaking a global reorganisation. This reorganisation, BPTT said "will create a more focused, highly integrated and leaner organisation."

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