BP to axe 350 management jobs following ‘dreadful’ third quarter performance

Oil giant BP is to axe 350 jobs from the 2,100 staff at its North Sea headquarters in Aberdeen.

The firm's North Sea oil production has dropped to 350,000 barrels a day from 550,000 barrels in 2004.

Last month the UK based firm said it would shed four layers of management in a radical shake-up following a "dreadful" performance in the third quarter.

BP said losses would not affect the workforce offshore or in plant-based positions at onshore sites. The cuts are expected to be made by March.

Andy Inglis, BP's chief executive for Exploration and Production, said: "These plans are an important step in delivering BP's agenda of simplifying how the company is run and ensuring resources are focused on front-line delivery. They will help to secure our continuing presence in the UK's North Sea."