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June 9, 2020

Coronavirus company news summary – BP to trim 15% of workforce – India extends oil block bid deadline

By Jessica Paige

9 June

BP has announced plans to trim its workforce by around 15% by the end of this year, as the recent downturn due to the Covid-19 crisis caused oil prices to slump. The move will involve axing around 10,000 jobs, a fifth of which will take place in the UK. However, the decision is expected not to impact front line workers.

Petroleum Geo-Services (PGS) has announced additional cost-cutting measures to reduce its annual gross cash cost run rate to nearly $400m. The company, which offers seismic services to oil firms, aims to achieve this through staff reductions, re-organisation, consolidation of offices and other measures.

The Government of India has again extended the deadline for placing bids for 11 oil and gas blocks due to the Covid-19 related lockdown in the country. According to PTI, the round was opened in January and was scheduled to close on 18 March. However, the bid date was extended later to 16 April and again to 10 June.

According to a Bloomberg report, Occidental Petroleum is planning to trim its stakes in oil and gas fields in Oman in a bid to reduce its debt. The report comes at a time when the recent oil price slump has further worsened the company’s financial situation. Occidental is also reviewing to sell its other assets in the Middle East.

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