June 30, 2020 / 11:35 PM / 7 days ago

Australia's Oil Search slashes 34% workforce

July 1 (Reuters) - 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below