𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

The new boss of BP has restructured the leadership and organisation of the oil giant as part of efforts to simplify how it operates.

The FTSE 100 firm said the overhaul will support efforts to reduce its costs and simplify its portfolio.

BP said it will be reorganised into two business divisions – upstream and downstream – from the start of July.

It currently operates in three divisions, with the group’s current trading operation set to be split across the two divisions.

Meg O’Neill, who took over as chief executive in April, said the changes will “reduce complexity and strengthen execution”.

Gordon Birrell will lead the group’s upstream business, while Richard Harding will head up its downstream business on an interim basis.

The upstream arm will cover oil and gas locations, including exploration and production activities, while its downstream operation will include refining, terminals and pipelines.

Ms O’Neill added: “Over the past two months, I have spent time with our teams, partners and investors around the world, and I am encouraged by the strong support for our strategic direction.

“Focusing BP around two distinct segments is an important step in accelerating delivery.

“It will reduce complexity and strengthen execution.”

The new boss is under pressure to help drive a turnaround at BP after replacing previous boss Murray Auchincloss.

It follows a turbulent few weeks for the company, after the removal of former chairman Albert Manifold following “serious concerns” related to this conduct, oversight and governance at the firm.

In response, Mr Manifold rejected “lies” about his conduct and said his views on cost-cutting and calling out “excessive expenditure” on things like a limousine or private flight were not shared by others at the firm.

Shares in the company were around 2.5% lower on Tuesday afternoon.