BP
CEO unveils new direction
Port Spain
Petroleumworldtt.com
21 07 07
MAJOR changes to be made at international oil company BP will not significantly
affect operations of the local leg of the company, BP Trinidad and Tobago said
yesterday.
BP Group chief executive officer, Tony Hayward,
announced to worldwide employees yesterday that
the company was set to take on a new direction.
In announcing that there would be a restructuring
of the company, Hayward said this would include
a rigorous review of the corporate infrastructure,
with some previously centralised functions being
slimmed down and redeployed into business segments.
In parts of BP, up to four layers of management
will be shed, Hayward explained.
This move by the company will lead to a major
loss of jobs at the company's global operations.
"Our problem is not about the strategy itself,
but about how we execute it. BP's performance has
materially lagged our peer group in the last three
years. It has been poor because we are not consistent
and our organisation has grown too complex. At
the root of all this is a need to change our behaviours," Hayward
added.
BPTT,
in response to Haywards' announcement, said, "It
is not anticipated that the new direction will
significantly impact on bpTT, which is a major
part of BP's business, being the second largest
producer behind TNK BP in Russia and contributing
10 per cent of the group's revenues."
The company added that its strategy remains to
safely and reliably maintain production of about
500,000 barrels of oil equivalent for the long-term.
In some cases, the company's contracts will last
for the next 25 years.
BPTT
chairman and CEO, Robert Riley, said, "The
measures announced by Hayward are designed to make
BP a better, more financially competitive company
and bpTT stands poised to embrace this new direction.
"For
our part, we intend to build on the great performance
we have delivered so far and
remain an integral part of Trinidad and Tobago's
long term development."
Story
by Driselle Ramjohn from the Trinidad Express
- dramjohn@trinidadexpress.com
Trinidad
Express
Friday, October 12th 2007
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