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Tuesday, October 27, 2020

Oil Prices News

Credit: Алексей Закиров - AdobeStock

Oilfield Services Employment Diving to 10-Year Low

Oilfield services sector is set to reach the lowest total workforce count in over 10 years, as a consequence of the COVID-19 pandemic, low oil prices, and cuts in spending by the oil companies."The oil market turmoil brought on by Covid-19 has led to lower-than-anticipated activity and delayed projects, forcing the industry to deploy cost-cutting measures. Rystad Energy analysis of the top 50 oilfield service (OFS) firms shows that staffing is set to reach its lowest level in more than 10 years, with the anticipated revenue per employee also declining towards the previous downturn’s level

Australia's Oil Search Slashes Workforce by 34%

Australia's Oil Search on Wednesday said it has reduced its total workforce by around 34% under its cost restructuring review to cushion the blow from subdued oil prices as a result of the coronavirus pandemic.The Papua New Guinea-focused oil and gas producer said full-time employees have currently been reduced to 1,222 from 1,649 in mid-March, with another 137 moving out by year-end.The firm expects production costs to be about $10.50/boe in 2020, compared to a previous cost guidance of US$11-12/boe, it said in a statement. (Reporting by Sameer Manekar in Bengaluru; Editing by Himani Sarkar)

Image for illustration; Credit: Hunting

Hunting Slashes 25% of Workforce

Oilfield services group Hunting Plc has cut its workforce by a fourth as low oil prices and weak demand slammed most of its business units in the second quarter, the company said on Monday.The manufacturer and services provider, which had 2,956 employees across its global operations at the end of last year, said it would cut 739 jobs by the end of the month.Hunting, which manufactures a wide range of tools and solutions used in oil and gas exploration, said it would close three distribution centres in North America and two manufacturing facilities in Oklahoma City and Texas."Our business is

Jim House, Neptune Energy CEO - Credit: Neptune Energy

Neptune Energy Plans to Let 400 Office Workers Go

Oil and gas company Neptune Energy is looking to reduce its workforce by 400 positions, half of which are contractor roles, citing the impact of the COVID-19 and a drop in oil prices."We anticipate approximately 400 roles across nine countries to be impacted by these proposals, with around half of these staff positions and half contractor positions. The impacted roles would be office-based and operations would not be impacted by these proposals," Neptune said in a statement sent to Offshore Engineer. Neptune's current workforce - including staff and contractors - is around 1,900.

A PGS vessel - Credit: PGS

PGS Laying Off 40% Office Workers. Offshore Crews Might Be Cut, Too

stacked, the spokesperson added: "We have in Q2 cold stacked PGS Apollo and Sanco Swift. We plan to warm-stack one additional vessel during Q3."Tough times for seismic playersOffshore seismic contractors, especially the owners of survey vessels, are the ones who will suffer the most from low oil prices and COVID-19 when it comes to the oil and gas supply chain, Rystad Energy said in its recent analysis.The Norwegian energy intelligence recently said that offshore seismic revenues were estimated to fall in 2020 by 51% in a $30 Brent scenario and by 77% if the Brent falls to $20, compared to levels

Image by kichigin19  - AdobeStock

'This could be the one that gets me,' Says Oilfield Service Veteran

for job cuts this quarter. Oil major BP plans to cut half its senior managers in coming months.Since March, some 66,300 oilfield jobs, or 8.5% of the sector's workforce disappeared, according to an analysis by trade group Petroleum Equipment and Services Association. For all of 2016, when crude oil prices slumped amid a supply glut, employment in the sector fell 17.4%."Losing talented people is a concern," said Kevin Broom, a PESA director who did the analysis. "We're going to need that knowledge and expertise when demand returns."Harris has cut his oil ties, moving to Amazon

(File Photo: Esvagt)

Esvagt CEO: No Job Cuts and Furloughs

Danish provider of emergency response and rescue vessels (ERRV) and service operation vessels (SOV) to the offshore energy industry, mostly in the North Sea, earlier this month said it would cut executive and staff pay, and delay investments.The pay cuts and investment delays are a response to the low oil prices and the COVID-19 pandemic, which have impacted, per ESVAGT, the ERRV spot market, a large part of the company's business. Esvagt, which owns a fleet of more than 40 offshore vessels, said on May 12 that the Board of Directors and upper management had agreed to a 15 percent pay reduction

Igor Sechin - Image: Kremlin.ru

Rosneft Re-appoints Sechin as CEO

Igor Sechin, an ally of President Vladimir Putin, for another five years.Sechin, who turns 60 in September, turned the company into one of the world's top oil players and earned the accolade of oil tsar.He starts his new five-year term at a critical time as the coronavirus impact has hammered oil prices and a supply output pact is limiting Russia's ability to produce the fuel that is central to its economy.Sechin rose from being Putin's aide in 1990s to becoming one of Russia's most influential players after he started overseeing Rosneft in 2000s.After becoming Rosneft CEO in 2012

Neal D. Shah - Credit: Kosmos Energy

Neal D. Shah Assumes Kosmos Energy CFO Position

in the first quarter of 2020 averaged approximately 66,300 boepd, at the upper end of guidance.Kosmos has booked asset impairments in the first quarter totaling $151 million. These impairments are largely related to the Kodiak and Tornado fields in the Gulf of Mexico and are due to the change in the oil prices since Kosmos acquired the assets in late 2018, the company explained.Cost cutsAlso, in response to current market volatility, Kosmos said it had has identified capital reductions in the base business of around 40% from discretionary expenditure largely from exploration activities in the Gulf of

A Maersk Drilling rig - Image Credit: Maersk Drilling

New Round of Layoffs at Maersk Drilling

to initiate consultations with employee representatives and trade unions where such consultations are required locally."Maersk Drilling expects that the process would lead to a total of 150-170 onshore redundancies globally.CEO Jorn Madsen said: "With the outbreak of COVID-19 and the lower oil prices we are facing an unprecedented reality with significant implications for our business. Our ambition is to remain a leading company in our industry, and in order to safeguard that position we need to adapt our cost structure to the current business environment. This means that we need to take steps

For Illustration; EnQuest Producer FPSO - Image by Christian Schmarje/MarineTraffic

EnQuest to Axe 530 Jobs in UK

said.30,000 oilfield jobs in UK at riskOil & Gas UK, an industry body representing the UK offshore oil and gas industry has said that up to 30,000 jobs could be lost in the UK's offshore oil sector as companies grapple with the effects of the coronavirus pandemic and a 20 year low in oil prices and a 14 year low for gas."There is now a stark contrast in sentiment compared to the beginning of the year with all E&P companies and 93% of supply chain firms reporting a worse or significantly worse outlook for 2020," OGUK said in its report on Tuesday.OGUK anticipate that CAPEX

Illustration; Image by wanfahmy / AdobeStock

UK: Around 30,000 Offshore Oil & Gas Jobs at Risk

Up to 30,000 jobs could be lost in the UK's offshore oil sector as companies grapple with the effects of the coronavirus pandemic and a 20 year low in oil prices and a 14 year low for gas, Oil & Gas UK has warned.The industry is expected to see a dramatic reduction in revenue, sparking concerns about the ability of some companies to survive a downturn that is likely to be even more severe than the one in 2015 which the sector is just emerging from, the industry body said."There is now a stark contrast in sentiment compared to the beginning of the year with all E&P companies and 93% of

For Illustration; Offshore Oil Workers  - Image by Алексей Закиров - AdobeStock

OMV Might Cut Jobs Due to COVID-19, Low Oil Prices

Oil and gas group OMV plans to extend a 4 billion euro ($4.35 billion) cost-cutting program, its chief executive said, adding it may cut jobs due to the coronavirus crisis and a slump in energy prices.Major oil producers with operations around the world have cut their 2020 capital spending by about 25%, or nearly $55 billion, following the drop in crude prices."I expect... further cost savings programs this year," OMV chief executive Rainer Seele told German daily Handelsblatt in an interview published on Wednesday.OMV has already said it would cut spending by about 20% this year and has

Illustration - Oil workers - Image by Алексей Закиров - AdobeStock

Report: Petrofac to Let Go 20% of Workforce

Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.The Britain-based company, which said redundancies would be voluntary but could become compulsory if not enough people took up the offer, said it might also consider reducing base salaries by at least 10% for many employees."The oil price slump can be expected to have a considerable impact on demand for our services in the short and medium-term," Petrofac

© Art Konovalov / Adobe Stock

Widespread Salary and Job Cuts at Schlumberger

Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling and services. On Tuesday, U.S. oil benchmark futures were trading around $20.69 a barrel.The coronavirus pandemic has sharply cut oil demand, while top producers Russia and Saudi Arabia have pledged to pump full bore from April 1, flooding the market with new supply.Schlumberger said

For Illustration; Polarcus Adira - Image by Thomas Reid - MarineTraffic

Polarcus to Cut Jobs, Salaries

Marine seismic company Polarcus is set to reduce workforce and employees' salaries, and stack survey vessels, as a response to the uncertainty marine seismic industry is facing in the wake of the coronavirus pandemic, and the current low oil prices.Polarcus on Tuesday evening announced cost-cutting measures, which the company expects to save it $15 million in 2020.These include reducing personnel costs onshore and offshore by approximately USD 6.5 million through a combination of redundancies and a reduction in base salary for Polarcus employees for six months effective 1 April 2020. "This

Illustration Only; Image by corepics - AdobeStock

More than a Million of Oilfield Services Jobs at Stake

their workforce by at least 21%. Some 13 percentage points are attributed to oil-price-driven cuts and the remaining 8% reductions will be layoffs caused by measures taken by contractors who are forced to slow down project developments fearing the spread of Covid-19 on their worksites.“Low oil prices are likely to persist in 2021 and could lead to further workforce reductions. But as we move into the second half of 2021, with better market fundamentals and a fading Covid-19, recruitment is likely to pick up in the shale sector and from 2022 will also kick-off in the offshore sector,”

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