BP to Proceed with Corporate Restructuring

BP is proceeding with corporate restructuring as a consequence of plummeting oil prices that could have a serious impact on some of its fields. 

According to reports, the company is likely to cut middle-management positions in London and Aberdeen. Additionally, it is studying the economic viability of its five fields in Norway.

Last week, Statoil extended the suspension period of three rigs in the NCS, in the attempt to cut costs and cope with lower profitability.

BP’s shares are trading at 409 pence, the lowest since since June 2012.

The divestment program, which BP started several years ago, is therefore set to continue also in the near future. Last week, IEA’s head Fatih Birol said that oil prices could bounce back to $100 a barrel in the “next years to come.”