FARMINGTON, N.M. — An oil and gas company says 40 jobs will be cut when it closes its Farmington office later this year.

The Daily Times reports ( ) BP America Inc. announced Wednesday that it is closing the office to improve the efficiency and competitiveness of its operation in the San Juan Basin in northern New Mexico.

Some Farmington employees will have the option to relocate to Durango, Colorado. The company’s statement does not provide a specific timeline for the closure.

The move comes as the company is planning to open a new headquarters in Denver by 2018.

According the company’s statement, two smaller field offices in San Juan County will stay open.

Information from: The Daily Times,

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