BP To Spend $1bn On Global Restructure

Oil giant BP has announced plans for major restructuring across its global operations.

The announcement of the $1bn (£639m) plan comes as crude oil prices have continued to slide, reaching five-year lows in December.

It said the restructure would include long-term plans for its exploration and production - known as upstream - infrastructure.

The London-based company said costs incurred with the overhaul would affect its current financial quarter and the following four quarters.

Sky sources said a number of cuts would hit corporate overheads rather than hands-on staff.

BP said that as a result of suppressed crude prices it would also reassess capital expenditure plans for 2015.

Oil analysts have warned recently that future upstream projects were coming under pressure as prices drop below the "break even" point.

Lower crude prices have forced many oil firms to reconsider plans as extraction and processing costs can exceed sale prices.

Earlier this month BP, which has around 15,000 employees in the UK and about 84,000 worldwide, said it was speeding up job cuts in the UK and abroad due to the falling oil price.

Since the Deepwater Horizon disaster in the Gulf of Mexico in 2010 the company has been shedding over £25bn of its business.

Sanctions imposed on Russia by the West and the fall of the rouble have also affected its investments in the country – BP has an 18.5% stake in the state-owned oil firm Rosneft.

:: Key corporate hubs for BP are London, Houston, Sunbury-on-Thames, Aberdeen and Singapore.

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