09:29 GMT +321 January 2020
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    UK Energy Giant BP plans to get rid of 300 employees working at its facilities in the North Sea oil fields.

    MOSCOW, January 15 (Sputnik) The British energy company BP is to announce Thursday that it is going to dismiss 300 employees working at its facilities in the North Sea oil fields in a bid to cut expenses amid falling oil prices, Sky News reported.

    "It has been well signaled around the industry that costs have been rising and we need to respond to toughening market conditions in line with our competitors and move our cost structure into a competitive and sustainable position," the company was quoted as saying by Sky News.

    Dismissing the 300 employees will save the company $1 billion per year, the newspaper reported.

    The news follows cost-cutting measures by other oil companies. On Thursday, multinational company Tullow Oil warned about the possible job cuts.

    In August 2014, Shell let go of 250 employees working in the North Sea and Chevron dismissed 225 in July, according to media reports.

    World oil prices have been falling for more than six months due to an oversupply in the market and low demand explained by the world economy's poor growth.

    During a November 2014 meeting, the Organization of the Petroleum Exporting Countries (OPEC) announced it would not change oil output levels, triggering a further drop in oil prices. The price of a barrel of Brent crude, which peaked at about $115 in summer 2014, currently hovers around $50.


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