Eland cost-cutting pays off in reduced losses
North-east company Eland Oil and Gas said yesterday it had reduced first half losses after operational cost-cutting and exchange rate gains.
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BW Offshore to reduce onshore headcount by 35%
BW Offshore said it will be reducing its onshore headcount by 35% as it looks to make cost savings amid the low oil price.
Schlumberger to reduce its headcount further
Schlumberger is set to reduce its headcount further as it looks to streamline its costs amid a continued low oil price. The company said it would also be consolidating its manufacturing and distribution network as it does not expect a recovery in demand before 2017. Chief executive Paal Kibsgaard said the timing of a recovery in the oil price and an increase in oilfield services activity in combination with a more conservative spending outlook from customers has led to further action.
ConocoPhillips begins headcount reduction of Alaskan staff
ConocoPhillips has begun a reduction in its headcount in Alaska as part of the company's 10% workforce decrease in the state.
EMGS to implement further reductions
EMGS said it will be implementing further reductions in a bid to streamline its costs. The company revealed last month it had reduced its headcount by 20% as well as reducing its fleet down to three vessels. EMGS said it already identified and implemented “comprehensive” cost reductions on terms and conditions for sub-contractors and in its staffing levels.
Trinity job restructuring sees senior exec go
The chief operating officer of Trinity Exploration & Production will step down from his role as the company makes a number of redundancies following the low oil price. Craig McCallum will leave his position at the end of March next year as the company makes a number of management changes. Trinity said a redundancy programme has been implemented as it assesses its current funding position in the low oil price environment.
Total cuts oil output target as low prices expected to persist
Total SA, Europe’s second-biggest oil company, scaled back its production target for 2017 as it announced a further round of investment cuts and project delays to protect its dividend. Total expects to produce 2.6 million barrels of oil equivalent a day, compared with a previous forecast of 2.8 million barrels a day, the company said Wednesday before holding an investor day in London. The measures are a sign that oil majors are extending their belt-tightening into next year and 2017 after companies from Chevron Corp. to Royal Dutch Shell Plc announced large spending cuts for 2015.
Iraq asks oil companies to cut spending after drop in prices
Iraq asked oil companies to reduce their 2016 spending plans in the country by Sept. 30, citing lower oil prices and government revenue. The reduced budgets shouldn’t affect 2015 production, Abdul Mahdy Al-Ameedi, director of licensing at Iraq’s oil ministry, said by phone Tuesday, citing a letter that the ministry sent to companies. Iraq is now producing more than 3 million barrels a day, he said. “We’ve asked them in a letter we sent them to take into consideration the drop in oil prices and the low revenues of the government that may not cover their investments,” al-Ameedi said. “There was a stipulation that this investment reduction must not affect oil output from the fields that was in the 2015 schedule.”