Australia's Oil Search Slashes Workforce by 34%

Sameer Manekar i
Wednesday, July 1, 2020

Australia's Oil Search on Wednesday said it has reduced its total workforce by around 34% under its cost restructuring review to cushion the blow from subdued oil prices as a result of the coronavirus pandemic.

The Papua New Guinea-focused oil and gas producer said full-time employees have currently been reduced to 1,222 from 1,649 in mid-March, with another 137 moving out by year-end.

The firm expects production costs to be about $10.50/boe in 2020, compared to a previous cost guidance of US$11-12/boe, it said in a statement. 

(Reporting by Sameer Manekar in Bengaluru; Editing by Himani Sarkar)

Categories: People & Company News Asia Energy jobs Jobs Papua New Guinea

Related Stories

Woodside Inks Long-Term LNG Supply Deal with China Resources

Marine Masters Secures Wellhead Platforms Installation Job Off India

ADNOC Secures LNG Supply Deal with India's BPCL

Malaysia's Petronas Plans Job Cuts

Santos Hires Weststar-GAP for Timor-Leste Offshore Helicopter Services

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

INEOS Picks Up CNOOC’s US Assets in $2B Deal

Sunda Energy, Timor-Leste Gov Plan Accelerated Chuditch Gas Development

RINA to Conduct Pre-FEED Study for Petronas’ CCS Project in Malaysia

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Current News

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com