
Energy giant BP said Tuesday it was freezing global salaries following a sharp drop in oil prices, less than a fortnight after announcing 300 job cuts in the North Sea.
"We informed staff throughout BP that we intend to freeze base pay across the company for 2015, with only a select few necessary exceptions," a spokesman told AFP.
"We see this as a prudent response to the currently challenging market environment in which we are operating," he added, in reference to a slump of more than 50 percent in global oil prices since June.
The pay freeze was relayed to staff in an email from BP chief executive Bob Dudley on Monday.
In December, BP took a restructuring charge totalling about $1.0 billion (800 million euros) in a company-wide overhaul of the business.
As part of that plan, BP announced earlier this month that it was shedding 200 staff jobs and 100 contractors, all of them onshore, at its North Sea operations.
Speaking to the BBC last week from the World Economic Forum in Davos, Dudley said his company must face the possibility that oil prices will stay low for some time.
"Companies like us, at BP, we're going to need to rebase the company based on no guarantees at all that the price will come back up," he said.
"We have got to plan on this [price] being down, and we don't know exactly what level, but certainly a year, I think probably two and maybe three years."
GMT 22:17 2018 Monday ,22 January
Opec output cuts near victoryGMT 22:57 2018 Saturday ,20 January
the literary canary in India's coalmineGMT 07:11 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancing': OPECGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 15:44 2018 Saturday ,13 January
Bahrain to host MERTC 2018GMT 18:24 2018 Friday ,12 January
No need to panic over $70 oil price: UAE Energy MinisterGMT 13:21 2018 Friday ,12 January
Kuwaiti oil price up 93 cents to stand at US$66.09 per barrel

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor