Malaysian oil and gas company Petronas is reportedly planning to reduce its workforce further due to a prolonged market downturn.
The Wall Street Journal reported, citing sources familiar with the matter, that Petronas is looking to ax several hundred more jobs as the national oil company continues to struggle with the effects of the lower oil price.
Petronas announced in March a company-wide organizational restructuring, saying the new structure was designed for “a flatter, leaner and more efficient business operating model”.
This restructuring resulted in redundancies of around 1,000 positions.
Back to the current report, the daily newspaper also said that the oil company is planning to make these job cuts at its publicly listed operations.
According to the Malaysian news website Malay Mail Online, Petronas said it would continue to review its business strategies and staffing levels as it adjusts to changes in demand.
Offshore Energy Today Staff