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

TotalEnergies Inks 15-Year LNG Supply Deal with China’s Sinopec

Nong Yao C Development Bolsters Valeura’s Production Rates Off Thailand

CNOOC Starts Production from Deepwater Gas Project in South China Sea

CNOOC Ticks Another Milestone in Ultra-Deepwater Gas Exploration

Oil Loadings at Russia's Western Ports on the Rise

CNOOC Brings Online Another South China Sea Field

Equinor Pulls Out of Vietnam's Offshore Wind Industry

Inside Asia-Pacific’s Offshore Energy Boom

Borr Drilling Scoops $332M in Three Jack-Up Rig Contracts

South Korea's KOMIPO Cancels Plans for LNG Import Terminal

Current News

Valeura Energy Consolidates Thai Oil and Gas Assets

TotalEnergies Inks 15-Year LNG Supply Deal with China’s Sinopec

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Floating Wind and the Taming of Subsea Spaghetti

Impending Shortage of Jackups within Ageing Asia Pacific Fleet

Equinor Tries Again for a Japan Offshore Wind Lease

Yinson Production Concludes Minority Stake Sale in FPSO Anna Nery

Sunda Energy Pushes Back Chuditch-2 Appraisal Well Drilling Date

CNOOC Starts Production at Another Oil Field in South China Sea

ABS Takes Charge of Digital Twin Project for Petrobras’ FPSOs

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