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Monday 08 March 2021 6:16 pm

BP to keep partial work-from-home policy as oil major seeks to cut office costs

By: Alexander Green

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Oil supermajor BP swung to a $5.7bn ($4.2bn) reported loss in 2020 as the coronavirus pandemic sent oil demand plummeting.
BP swung into the red after a dire year for oil demand saw it write off $17.5bn alone in the second quarter.

Home-based working at BP is set to remain, as the oil company plans to introduce a twice-weekly flexible working model this summer.

Under the plans to save money, 25,000 staff, 6,000 of which are in the UK will be expected to work from home 40 per cent of the time, according to reports

It comes after BP has already reduced its workforce by 15 per cent, cutting 10,000 jobs worldwide last year.

The new hybrid plan is part of a wider modernisation drive by BP to downsize and embrace a remote working culture. The process began last year when BP’s London headquarters was sold to the investment fund, Lifestyle International for £250m.

A spokesperson for BP said the company recognises the equal value both, face-to-face collaboration and remote work bring and hopes the new mix will offer more adaptivity.

“BP will be changing and reconfiguring its offices over time, to support collaboration and create more flexible environments to hold meetings and share ideas.

“Some roles will require people to be in the office or their prime location every day, and some roles will require greater travel or connecting digitally with colleagues,” he added.

BP’s new policy is expected to begin after 21 June, once teams have discussed on a case-by-case basis how often and which days they will commute in.

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Mark Kleinman: BP might do well to plug credibility gap with Soames

Mark Kleinman is Sky News' City Editor and writes a column for City PM

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