Oil Search to downsize workforce in Sydney, Anchorage

Oil Search will reduce the company’s headcount in Sydney and Anchorage by around 100, a statement says.
The company said it was making hard decisions to ensure the sustainability of its business in response to the unprecedented challenges facing the global energy industry.
It has suspended all “discretionary activities”, except those required to maintain the safe and reliable production of oil and gas from its facilities in PNG.
These actions would both preserve capital and minimise exposure of Covid-19 on its staff.
“This has been a very difficult decision to make, particularly given current global circumstances.
“We have treated our team members with respect and will continue to offer them support through the hard times ahead,” said Oil Search managing director Dr Keiran Wulff.
Oil Search is also undertaking a systematic review to identify and implement further measures to optimise corporate and operating expenditure, focused on driving long-term break-even costs as low as possible.
“Oil Search greatly values the dedication shown by all team members during these very challenging times,” Wulff said.
“Oil Search’s board and the executive team has also agreed to a 20 per cent salary cut for the next six months.”
“It is uncertain how long the current Covid-19 crisis and low oil price environment will last.
“The actions taken will ensure our company is in the best position possible to ride out the current global economic challenges, continue production safely and reliably and be in a strong position to deliver our growth projects when economic conditions turn around.”