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As Canada’s energy sector struggles with sluggish growth, the layoff trend continues with the latest layoffs coming from Husky Energy. The firm laid off a number of employees yesterday, spokeswoman for Husky said. The sackings come a day right after the federal election in Canada, where Prime Minister Trudeau failed to secure an outright majority of seats. Concerns of further delay in the Trans Mountain pipeline expansion are now worrying the industry.
Halliburton yesterday informed that it will let go of 650 jobs across the United States amidst slowing oil and gas activities. Spokeswoman for Halliburton, Emily Mir said, “Making this decision was not easy, nor taken lightly, but unfortunately it was necessary as we work to align our operations to reduced customer activity,”. Cowen and Co have projected a fall of 11% in the expenditure by U.S. independent producers this year.
UK-based EnQuest yesterday informed that it will shed around 80 of its employees deployed at the Sullom Voe Terminal by the end of 2019. EnQuest regarded the move as “essential” to maintain the competitiveness of the oil terminal and empower it to retain and win new business. The employees expected to be dropped consists of around 60 full-time staff members and 20 contractors.
Joining a number of energy firms, Spanish energy company Repsol SA, yesterday, announced plans of laying off about 30% of its Canadian workforce as part of global restructuring. Repsol will intimate employees affected by the reorganization in the Canadian exploration and production and corporate units this week. While the firm refused to give an exact number of cuts, Repsol’s Canadian workforce stood at approximately 700 in 2018.
“Challenging market conditions” and “price pressure” has drove Aker Solutions to consider laying off as many as 150 employees at the Agotnes yard, Norway. The company has already informed its employees of the looming threat to their position. Aker, last year, said it would let go of considerable number of employees across all its operations. Around 650 staff Aker Solutions was dropped in India, the UK and Norway.
Even though BPCL’s unit in Kochi suffered a crude supply shortage amidst floods in the state, output from the refinery stayed largely uninterrupted, said Ex-director Prasad K Panicker. The Kochi refinery processes 15.5 million tonnes of crude oil per annum (MMTPA). Indian state Kerala suffered severe floods for almost a fortnight. Life is slowly crawling back in the state to normal.
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.
Layoff has been on almost every oil firm’s agenda this year, and ConocoPhillips is no exception to this. The Houston-based operator has commenced with its layoff program, in line with its redundancy plan announced earlier in 2018. The redundancies will follow strategies to halt production at a number of fields in the southern North Sea, thereby laying off some 450 employees in the UK.
US oil major, Chevron is planning to lay-off around 400 jobs in Australia. This comes months later of Chevron’s approval of a new construction project and backing an LNG jobs initiative. It is believed that the layoffs will be in accordance with the value chain alignment study conducted by the Boston Consulting Group to assess the roles required to sustain Chevron’s LNG operations in Australia.