Thursday 22 January 2015

Oil company announces 300 North Sea job cuts

Another oil and gas company which operates in the North Sea has announced plans to cut 300 jobs.

Aberdeen-based Talisman Sinopec Energy UK said it had been hit by falling production levels and rising operating costs as a result of plummeting oil and gas prices.

According to Reuters the company said 100 staff and 200 contractors will be affected. The oil giant further introduced immediate reductions in contractor rates.

The company which was created in 2012 by China's Sinopec Group and Canada's Talisman Energy currently employs 1,000 staff and 2,000 contractors.

Other oil and gas companies have reduced their workforce as a result of the downward price trend including BP and Schlumberger.