As previously reported by Offshore Energy Today, British oil giant BP will be slashing jobs in the UK North Sea as a response to toughening market conditions.
Trevor Garlick, Regional President for BP North Sea, said that the company is "taking specific steps to ensure our business remains competitive and robust, and we are aligning with the wider industry".
Oil & Gas UK published a comment regarding BP's decision to reduce its workforce.
Malcolm Webb, chief executive of Oil & Gas UK, said: "While Oil & Gas UK cannot comment on the commercial decisions made by its members, the industry trade body recognises that a rapidly falling oil price and escalating industry costs have impacted on activity across the UK Continental Shelf (UKCS), with companies having to make very difficult decisions in light of this challenging business environment.
Webb also added: "Oil & Gas UK believes that urgent action is now needed on three fronts.
"First the industry must proceed to implement necessary cost reduction and efficiency improvement measures. Second, the Department of Energy must proceed as quickly as possible with the full establishment of the new Oil and Gas Authority, and in particular its office in Aberdeen, and third, HM Treasury must radically reduce the tax burden on this mature oil and gas province. Tax rates ranging from 60% and up to 80% are no longer sustainable."