LONDON, Dec. 8 (UPI) -- British energy company BP said it will be able to tread water in the current oil price market, though some layoffs may be on the horizon.
"Head counts are starting to come down across all of our activities in upstream, downstream and in the corporate centers, essentially the layers above operations," BP Finance Director Brian Gilvary was quoted as saying Saturday by the Telegraph newspaper in London.
BP is expected to highlight its exploration and production plans for the next five years in a Wednesday presentation. A 35 percent decline in crude oil prices since June has dampened the investment expectations of BP's rivals.
Last month, Marathon Oil reported that double-digit production growth from North American shale basins wasn't enough of a buffer against low oil prices. Third-quarter earnings were down $138 million in 2013 to $431 million.
Gilvary said BP could cope with an oil price as low as $60 per barrel, though BP Chief Executive Officer Bob Dudley said the company was working on a "simplification plan" in the bear market for crude oil.
The British government in February said it was moving forward with recommendations from retired businessman Ian Wood, who led a panel tasked with finding ways to breathe new life into North Sea oil reserve basins.
Oil production from the North Sea has been in decline since the late 1990s. Government data show a decline of 7 percent from last year.
