Ophir to cut 15% jobs amid oil price glut
[BENGALURU] Ophir Energy Plc will cut about 15 per cent of its global workforce, the UK oil and gas explorer said on Wednesday, as low oil prices force oil producers to trim costs.
The company said the job cuts were focused on corporate roles in London and expatriate positions to save an estimated US$10 million to US$12 million a year.
Ophir also lowered its full-year production forecast, saying its Kerendan gas field ramped up at a slower-than-expected pace.
The full-year forecast has been lowered to 12,000 barrels of oil equivalent per day (boepd), and said production in the first half ended June 30 averaged at 11,300 boepd.
This was 1,200 boepd below target as production at two of its gas fields was lower than expected, the company said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?
Oil futures fall as fears of a wider Middle East war fade
Malaysia’s Sapura Energy to sell stake in SapuraOMV to TotalEnergies for US$705 million
Saudi Aramco in talks to buy 10% of China’s Hengli Petrochemical