The UK government will hold an emergency meeting in Aberdeen over the state of Britain's energy industry, after BP revealed it will cut 300 jobs following the impact of a 60% drop in oil prices.
Britain's Energy Secretary Ed Davey said in a statement that Whitehall plans to discuss with industry leaders how the government can help energy companies avoid sinking as significantly low oil prices continue to impact on profits.
"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," said Davey in a statement.
"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."
BP told workers today (15 January) that it will axe 200 jobs and 100 contractor roles that are involved in its North Sea operations.
The energy company employs around 4,000 staff in the North Sea, with a total of 15,000 in the UK.
BP, as well as other energy firms, have been hit by oil prices reaching six-year lows as US crude hovers at $48.06 per barrel (bbl) barrel.
In stark contrast to current figures, back in 2013 and 2012 oil prices averaged $100/bbl.
BP shares are currently trading around 2.3% up at 390.90p as of 1230 GMT.