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On Monday, Shell Companies in India Chairman, Nitin Prasad, informed that in the next ten years, the company will open 1,200 retail stations in India. He gave the people of the industry a hope by saying that "each one of those stations can easily accommodate about 100 workers. Simply put, one lakh jobs will get created". Presently, Shell has put over 120 retail stations across India.
After reporting a huge profit of $1.6 billion in its recent quarter, ConocoPhillips is looking forward to “modest” job cuts in Houston and all over US. Reportedly, the company is focusing more on share buybacks and debt reduction in order to strengthen the support from its investors. A spokeswoman said that the employees have been informed about the workforce reduction that will take place in mid-September.
The American Petroleum Institute (API) has shown disappointment from US administration denial to exclude imported steel to be used in certain parts of oil and gas industry, from Section 232 tariffs. API VP believes that the process which decided whether to grant exclusion or not lacks transparency. The association has said that the decision is misguided and will impact American energy production and jobs.
BP Plc, the British oil major, is committed to further develop its upstream opportunities whereby, it intends to cut down 3 percent jobs in exploration and production by the end of the year. The objective is to restructure its international upstream business to bring in more efficiency and competitiveness. BP revealed in a statement that the ongoing process will simplify the company’s structure and make it more efficient.
Reuters revealed in a report that Libya’s National Oil Corporation (NOC) has signed a contract with Artelia, the French consultancy and engineering group. The agreement has been signed to manage the development of the firm’s new headquarters in the eastern city of Benghazi.
New economic studies reckon that opening up the U.S. Outer Continental Shelf (OCS) to safe and responsible offshore oil and natural gas development would be a great economic catalyst which shall help promote US jobs, attract investments and enhance the tax revenues for states across the nation. The US economy could witness energy renaissance as the oil and gas industry is a major contributor the country’s evolution and growth.