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BPAmoco to cut 900 jobs
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January 8, 1999: 12:06 p.m. ET
Falling oil prices hit revenues and force job cuts in England and Scotland
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London (CNNfn) - British Petroleum Amoco Plc, the Anglo-US oil company, said Friday it is eliminating 900 jobs in England and Scotland as part of cost-cutting measures to offset the impact of falling oil prices.
The company said it plans further job cuts elsewhere around the world in the wake of the completion of its merger with Amoco Corporation in December and the collapse of the oil market.
The job losses in England and Scotland represent about 1% of the company's worldwide workforce.
BP and Amoco said in 1998 they planned to lay off 6,000 employees following their decision to merge into a single company. The two firms have a global workforce of 100,000.
The tie-up enables the newly-formed company to eliminate jobs in areas where operations of former BP and Amoco Corp. overlap.
BPAmoco says the latest job losses include 500 of the onshore exploration and production workforce in London and 200 in Aberdeen, Scotland.
Falling oil prices have buffeted revenues of oil producers as the price of the global benchmark Brent crude fell as much as 33 percent from September to a low of $9.70 a barrel on December 14. Brent is currently trading at around $11 a barrel.
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