Bulletin

Weak oil prices force BP to get tough on suppliers

BP is understood to be re-negotiating contracts with suppliers and contractors in the North Sea as part of efforts to cut costs amid weak oil prices. BP is believed to be cutting the day-rate it pays contractors and the number of suppliers it uses offshore of Aberdeen. BP declined to comment. The North Sea is responsible for over 300,000 jobs in the British oil and gas sector. The Aberdeen and Grampian Chamber of Commerce warned last week that companies working in the North Sea were in the midst of a 'crisis of confidence' as major oil companies cut back investment and demand tougher terms from suppliers.

 

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