Oil giant BP has revealed it is reevaluating its office footprint, looking into nearly halving its portfolio in certain locations and allowing around 50,000 employees to work remotely or flexibly.
This move has been echoed by several other major corporations who are planning to sell off or halt their leases for unnecessary office space. Although the details of the company’s reduction in office space are unclear, the firm will reveal its plans over the next few months.
Currently, BP has 70,000 employees across 79 countries and may decrease its workforce by 15% by the end of 2020, which represents many office-based employees.
The plan to decrease office space and accommodate more remote and flexible working arrangements is part of BP’s plans to modernize and reorganize the company under new CEO Bernard Looney.
“There’s no question that work patterns are changing and BP will be no exception to that,” said Looney. “We expect to move to a more hybrid work style which will be a mixture of home and office [working].”
A spokesman for the company added that while BP has plans to reconfigure its global workspaces, no final decisions have been made.
“We will still need offices and, for example, we have recently signed a lease for new office space in Canary Wharf,” the spokesman said. “As and when there are announcements to be made we will let our people know and make announcements as appropriate.”