Qatar Petroleum, one of the world's biggest energy companies, plans a new wave of job cuts and spending reductions to cope with the slump in oil and gas demand which has hit global economies, two sources familiar with the matter said.Economic…
UK oil and gas producer EnQuest is planning workforce reductions in the UK as some of its North Sea fields are expected to cease production, while others will remain shut as part of a recently announced cost-cutting initiative.When it comes to the planned workforce cuts…
Up to 30,000 jobs could be lost in the UK's offshore oil sector as companies grapple with the effects of the coronavirus pandemic and a 20 year low in oil prices and a 14 year low for gas, Oil & Gas UK has warned.The industry is expected to see a dramatic reduction in revenue…
British unions representing offshore workers said on Monday the government should invest taxpayer money directly into oil and gas projects to save the sector rather than extend welfare payments to furloughed staff.In a joint statement, the unions said they expected around 3…
Brazil's state-controlled oil company Petrobras aims to save 7.6 billion reais ($1.4 billion) by 2025 through voluntary buyout programs that will affect 3,800 employees, according to a securities filing on Wednesday.Petroleo Brasileiro SA, as the company is formally known…
Oil and gas group OMV plans to extend a 4 billion euro ($4.35 billion) cost-cutting program, its chief executive said, adding it may cut jobs due to the coronavirus crisis and a slump in energy prices.Major oil producers with operations around…
UK oilfield services provider Petrofac has confirmed it is planning staff reductions and furloughing as part of its action to save cash in response to low oil prices and COVID-19 pandemic.Reuters last week reported that Petrofac was planning to reduce the workforce by 20%…
Dutch geotechnical survey firm Fugro has announced a set of 'painful measures' including workforce cuts, and a hiring and salary freeze, as the company expects the COVID-19 pandemic and low oil prices to negatively impact its business.'The company…
Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.The Britain-based company…
Britain's oil and gas industry body OGUK has asked the government to adapt the financial aid schemes offered in the wake of the coronavirus crisis so as to cover dozens of oil service companies which would otherwise not qualify.OGUK called on the government last month to help it survive…
Nigeria’s Department of Petroleum Resources ordered oil and gas companies on Thursday to reduce their workforce and practice social distancing, tightening measures to stem the spread of the coronavirus.'All operators and their contractors are…
Vietnam Oil and Gas Group is cutting employee salaries to rein in costs as it grapples with low oil prices and a coronavirus pandemic that has infected 212 people in the southeast Asian nation, the company said on Wednesday.The move was part of efforts to cut costs by 15% to 30%…
Norway will allow entry to certain European citizens for work in sectors critically short of labor including agriculture and the oil industry despite its lockdown to fight the coronavirus pandemic, the government said on Monday.The measure, which takes immediate effect in the Nordic country…
More than a million jobs in the oilfield service industry (OFS) are expected to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, Norway's energy intelligence firm Rystad Energy said…
Santos Ltd, Australia's No. 2 independent gas producer, said on Tuesday it is reviewing all its capital spending plans in light of the collapse in oil prices and would stop all new hiring.Santos had planned to spend $1.45 billion in 2020, including $500 million on major growth activities…