BP has cut 300 North Sea oil jobs as its looks to save costs amid the plunging cost of oil.
Of those to be laid off, 200 are BP workers with the others affected in contractor roles.
BP briefed workers in Aberdeen today on its plans, which it had previously said would result in $1bn (£630m) of restructuring costs this year.
BP is keen to ensure its business in the North Sea remains competitive and sustainable for the long term as Brent crude costs hover below $50 per barrel - down from $115 last June.
Trevor Garlick, regional president for BP North Sea, said: "We are committed to the North Sea and see a long- term future for our business here.
"However, given the well-documented challenges of operating in this maturing region and in toughening market conditions, we are taking specific steps to ensure our business remains competitive and robust, and we are aligning with the wider industry.
"Whilst our primary focus will be on improving efficiencies and on simplifying the way we work, an inevitable outcome of this will be an impact on headcount and we expect a reduction of around 200 staff and 100 contractor roles.
"We have spoken to staff and will work with those affected over the coming months."
It made its announcement 24 hours after the governor of the Bank of England, Mark Carney, warned that falling oil prices represented a "negative shock" for the Scottish economy - but a "net positive" for the UK as a whole, given benefits for consumers.
The North Sea oil and gas sector employs over 400,000 people.
Holyrood's energy minister has called for UK Government action, saying the employment threat had produced the "the most serious jobs situation Scotland has faced in living memory."
The energy secretary Ed Davey said: "The recent sharp reductions in oil prices are very challenging for companies active in the North Sea and that's why I'm here in Aberdeen today to meet with industry leaders to address the challenges the North Sea industry faces both in the short and longer term as a matter of priority.
"The threat to jobs has been brought home by the news from BP today. We have great sympathy with all those directly affected.
"BP is a significant investor and employer in the North Sea and the UK Government recognises the importance of the North Sea sector, both in terms of thousands of Scottish jobs it supports and its overall benefit to the whole UK economy."
In addition to the cuts at BP, Shell and Tullow Oil have been among other oil firms scaling back their investments worldwide.
Tullow, which has a focus on Africa, reported on Wednesday that its gross annual profits were expected to fall by more than half on 2013, it was taking a writedown of $600m due to asset revisions and cutting 2015 investment by $200m.
It also raised the prospect of major job losses - warning that: "A major internal review of Tullow's organisation is ongoing which will lead to substantial long-term cost savings and efficiencies across the group."
Tullow added that it expected to announce the details at its full-year results on 11 February.
Its share price rose 3.2% in early trading when markets opened for business on Thursday while BP saw a 2.3% boost.
Mining and energy stocks generally recovered some ground following sharp falls on Wednesday.
Unions however warned of the potential for long-term damage to the country's energy capacity as a result of falling investment.
The RMT claimed tens of thousands of jobs were at stake.
Its general secretary, Mick Cash, said: "In the wake of the current price slump, RMT is demanding that Westminster and the Scottish Parliament adopt a crisis management approach to ensure sustained production, maintenance of infrastructure, retention of skills, and a robustly regulated regime in the future.
"If immediate action isn't taken then we risk turning today's crisis into longer term damage that would threaten the very core of our offshore industry.
"This is no time for playing politics when the security of UK energy supplies is on the line."
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