Report: Petronas eyes further job cuts as low oil price bites

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

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply