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Oil Search cuts one-third of jobs and promises higher jobs to PNG nationals and women

(Reuters) – Papua New Guinea oil and gas company Oil Search said on Wednesday that it had cut a third of its workforce amid declining demand in an upheaval that is also aimed at reserving management positions in Papua New Guinea (PNG). citizens and women.

Oil Search, listed in Australia, said it has cut its full-time workforce to 1,222 – with 137 more to move by the end of the year – from all of its sites as it seeks to consolidate its results in an environment of low crude oil levels as well as the drop in demand.

He also said it would strengthen managerial positions for PNG citizens: expatriate positions in PNG will be reduced to 7% of all jobs, while the percentage of women in the workforce and positions direction will reach about 28%.

The oil and gas producer currently has women in four of the 16 executive and management positions, according to his website. He did not immediately respond to an email requesting clarification on the representation of PNG nationals in its workforce and management positions.

Oil Search reported in May that it plans to cut oil production in Papua New Guinea from July due to low world prices. It produced 1.57 million barrels of oil last year in PNG.

As demand for oil picked up after the worst weeks of the coronavirus epidemic, a resumption of new infections in the United States has rekindled uncertainty about oil prices and demand. [O/R]

Oil and gas producer said on Wednesday it expected production costs of around $ 10.50 a barrel of oil equivalent (boe) ahead of one-time costs in 2020, compared to previous forecasts from 11-12 $ / boe.

Stocks rose 0.6% to 0143 GMT, up nearly 1% from the ASX 200 benchmark

Sameer Manekar reports in Bengaluru; Editing by Himani Sarkar and Kenneth Maxwell

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