BP cuts 200 staff, 100 contractors as oil prices fall; company still 'committed' to North Sea

BP has announced it will cut an estimated 200 staff jobs and another 100 contracting jobs in light of falling oil prices.

The company said Thursday the cuts will be made in onshore roles, not in offshore operational positions. Regional president Trevor Garlick said BP remains committed to its North Sea operations but needs to take "specific steps" given the challenging economic environment.

He cited toughening market conditions as a reason for the cuts.

Union officials fear other oil-related jobs will be cut by other firms soon as prices continue to soften.

The price for the benchmark U.S. crude oil is down about 41 percent in the past three months amid oversupply.