Oilfield service firm Weatherford has said it made 130 employees redundant in Aberdeen in the first half of 2020 in an effort to get a grip on its costs.
Energy Voice article – The Human Cost of Covid and Commodity Price Crash
Bosses at Prosafe are hoping an office move will “refresh and reinvigorate” the firm’s Aberdeen operations at a time when the oil and gas industry is at an “all-time low”.
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
The challenges of the combination of Covid-19 and the fall in the oil price continue to place enormous stress on the industry. While those offshore have remained at their workplaces, albeit in smaller numbers and under strange and difficult circumstances, in order to maintain production from the UKCS, others who have now spent two months working from home are beginning to consider a return to the office or work site.
In the wake of the historic global economic shutdown in response to the Covid-19 pandemic, governments are unleashing trillions of dollars in a bid to create jobs and spur economic recovery. The scale of this stimulus is unprecedented, in some cases amounting to more than 10% of countries’ gross domestic product. At the same time, an overwhelming number of economists, finance ministers, and business leaders are saying that much of that money needs to help—and certainly not hinder—our ability to cut emissions.
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.