Oil and gas giants, BP T&T has announced that it will be making major cost adjustments as a result of the current economic climate, but has stopped short of stating that it will be dimissing staff.
BPTT issued a statement today making the announcement.
The following is the statement by BPTT:
"In line with the BP Group’s focus on improving efficiency and reducing costs, BP Trinidad and Tobago (bpTT) announced plans to seek further cost efficiencies in our business in 2016. This plan will include a review of 3rd party costs, activity prioritisation, process simplification and organisational structure. As plans are still being reviewed the specific numbers have not yet been finalized. Throughout this exercise our first priority will remain the safety of our people and our operations."
As well, BHP Billiton has confirmed that it is sending home staff. The company issued a statement this afternoon confirming the cuts.
The following is the statement from BHP Billiton.
"Today’s petroleum industry is facing extremely challenging market conditions, even by historical standards.
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BHP Billiton is examining our current and future business needs to optimize both staffing and costs and make appropriate adjustments in its global Petroleum business. We remain committed to our ongoing operations while maintaining a platform for future growth opportunities.
We will achieve this goal through our productivity program which is already yielding significant savings, and organizational adjustments to meet the needs of our business. As a result, we will have a smaller, more focused organization and this has resulted in some employee reductions.
The result of this work is that within the Trinidad and Tobago operation, as in company locations globally, some positions will be impacted. Within our operations in Trinidad and Tobago, contrary to rumours, up to's business half a dozen positions will be eliminated – only two are offshore jobs. BHP Billiton will continue the process of reviewing its business to ensure optimal efficiency.
The company remains committed to safe and efficient operations."
