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