Oil Search reduces 30pc of workforce

Business

OIL Search, as of July 1, recorded around 30 per cent reduction in its PNG, Alaska and Australian-based workforce, a company spokesperson says.
The spokesperson told The National yesterday: “Oil Search has made workforce reductions across its global business operations as part of a detailed and systematic review of its organisation and cost structure.
“This review was to ensure the company remained strong by focusing on the core capabilities required to be successful under a range of economic conditions.
“As at July 1, there had been an approximately 30 per cent reduction in each of our PNG, Alaska and Australian-based workforce, across all areas including fulltime and long-term contract personnel.”
The company, in a market release on Wednesday, said it would reduce its total workforce by 564 by end of this year.
Its full-time employees, which include employees and long-term contractors, have been reduced from 1,649 people as of March 14 this year to 1,222 today, with a further 137 people transitioning out by year end.
This would represent a fall in the total workforce of around 34 per cent.
Managing director Dr Keiran Wulff said: “Under the new structure, there is a material increase in executive and senior leadership opportunities for PNG nationals, which is in line with the evolving dynamics in PNG and increasing importance of citizen representation.
“Expatriate positions in PNG will be reduced from 10 per cent to 7 per cent of the workforce.
“In addition, gender diversity has increased, with women now representing more than 28 per cent of the workforce, from 25 per cent.”

One thought on “Oil Search reduces 30pc of workforce

  • Kieran Wulff and OSL must tell PNG that they are taking this exercise to allow Exxon Mobil to buy Oil Search without liabilities.
    People with many years of services serving the Oil Industry for Chevron days to OSL should have been commended instead of kicking them out just like this. It is unfair at all!

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