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Oil giant BP warns restructuring efforts to cost $1 billion over next year

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LONDON — Oil giant BP has warned that plans to streamline its business will cost it $1 billion over the next year.

The changes are part of the company's move to downsize and simplify its operations following $43 billion worth of divestments since the 2010 Gulf of Mexico oil spill.

Chief Executive Bob Dudley said Wednesday the company continues to find ways to "eliminate duplication and stop unnecessary activity that is not fully aligned with the group's strategy."

BP said it is investing in gas projects, typically less exposed to oil prices, which have slumped in the past few months.

The company has warned that it will cut more jobs in the head and back offices. BP employs some 84,000 people worldwide, including 15,000 in Britain.

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