Petroleum Africa
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Thursday, January 15, 2015
While consumers may be celebrating at the pumps due to the new lows in petrol prices, they will not be celebrating for long if they are employed by the petroleum industry, but rather may receive one of the many pinkslips that are being handed out. A number of firms are cutting their workforce because of the drop in crude prices.
Irish independent Tullow Oil is planning to let go some of its 2,000 employees in the coming days and oil service firm Halliburton is cutting jobs in Houston but did not say how many employees it would be letting go. BP is on a “restructuring program” which will call for thousands of job cuts and Shell has said that 5-10% of its workers at the Albian Sands mining project in Canada are in jeopardy.
These are just a few industry firms with plans to slash their rosters in an effort to cut costs; expect more to follow in the near term.
The cut in jobs is just the latest trend that crudes’ five-year lows have started; late last year companies began announcing that they were cutting their capex for 2015. Tullow is cutting its budget along with its employees, taking its exploration budget down to $0.2 billion according to its just released Trading Statement. Tullow isn’t the first and won’t be the last, ConocoPhillips’ capex is down 26% for 2015 and Apache Corp.’s budget in North America is down 20%.
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