BP has said it plans to cut up to 8% of its 8,500 "non front-line" global workforce, according to an internal email seen by Reuters.
The roles affected are part of the company's production and operations business. The company is cutting 700 jobs globally as part of the restructuring.
Frontline roles protected
The email said BP does not expect any material changes to its frontline teams, whose roles include operators, technicians and maintenance staff.
"If your role is affected, that could mean that it does not exist in the new organization, changes materially, or moves into a different part of the organization," the email read.
Oversupply concerns
BP said it will continue to prioritise communication with affected staff and support its teams. The restructuring comes amid concerns of oil oversupply, which occurs when production of oil is higher than demand for it. That results in a surplus of unused barrels, causing market prices to fall and leaving storage facilities full.
BP has been focusing on efforts to simplify its operations to reduce debt, help profits and refocus its oil and gas investments. The company has also scaled back on its investment in renewable energy.
Company statement
A BP spokesperson reportedly said: "We are building a simpler, stronger, more valuable BP. As part of this process, we are proposing changes that would result in a reduction in roles, intended to reduce complexity, improve accountability and support long-term performance in a changing market environment."
