Since Tony Hayward took the top job at BP the focus has not wavered from reducing costs and in recent results the company announced that it has removed $4.981 million in costs.
At the heart of the Forward Agenda cost reduction plan is a move to standardise IT and back office systems across the global company. Hayward said, ""We are moving operations to the heart of BP and standardising how BP operates around the world." Outsourcing has also played a major role in the cost cuts and BP announced a widespread initiative, signing deals with TCS, Infosys, Wipro and IBM, all of which will utilise their Indian operations to deliver application development and support to BP.
Oil companies rely on bespoke technology to their sector and often to their company. BP recently said its bespoke technology gave it a competitive advantage in the market place.
BP has also had to aggressively reduce its staffing levels and in the last 12 months 5000 people have lost their jobs.
The retail arm of BP signed a five year deal for network services with HughesNet. Under the terms of this deal broadband services will reach its petrol stations across Europe and the US.