FX.co ★ PB to cut its workforce and turn to green energy

The COVID-19 pandemic has severely hit the oil industry. As a result, many oil companies have to lay off their employees and look for other ways of operation. British Petroleum (BP), the oil and gas giant, has also faced this dilemma. The company is planning to cut about 15% of its workforce in the near future. According to BP’s CEO Bernard Looney, the company is going to transform its major activity and turn to sustainable energy. Thus, BP will cut 10,000 jobs from the current 70,000 by the end of this year. Early, BP’s CEO announced his plans to make some significant changes to the structure and the main functions of the company. He believes that BP needs to respond to the challenges of today’s world and become more flexible and agile.The industry giant has set a high goal of becoming a zero carbon emissions company with the main focus on green energy and renewable resources.