A Review of the Nigerian Energy Industry

Talisman Sinopec cuts 300 jobs

21 January 2015, News Wires – North Sea operator Talisman Sinopec said it will lay off around 300 employees, making it the latest oil company to announce job cuts during the industry-wide downturn.

Sinopec headquarters in Beijing, ChinaThe company said around 100 staff and 200 contractors would be affected at its North Sea operations. The company workforce currently totals around 3000.

The move comes as Talisman Sinopec tries to combat the declining price of oil price.

“Our industry is operating in a mature environment, against a backdrop of a declining oil price and ever-increasing operating costs alongside falling production levels, reduction in exploration and asset integrity and maintenance issues,” Talisman Sinopec managing director Paul Warwick said.

“We are not immune to those challenges and are taking appropriate actions to tackle them.”

Major operators such as BP, Shell, Chevron and ConocoPhillips have all announced job cuts in recent weeks.

Operators have not yet been hit as hard as services providers such as Schlumberger and Baker Hughes, who recently said they would be cutting 9000 and 7000 jobs, respectively.



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