BP Plc company informed about 3% jobs cuts in its exploration and production divisions, Reuters informs. These plans are part of business restructuring that will make mentioned divisions more efficient and competitive.

As a result the company will cut about 540 working places out of total 18000 jobs.

This step will help to simplify company’s structure and improve efficiency and is a next move after $50 billion divestment during last few years.

BP also plans to pay dividends for the first time since 2014 after it exceeded first quarter profit forecasts due to rising oil and gas prices as well as production volumes.

The 110-years old British oil giant is experiencing the fastest growth in its history by developing new deposits in Egypt and Oman.

Shares of BP fell down by 1% today.