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Santos to cut 200 more jobs

Santos to cut 200 more jobs

Photo by Bloombeg

13th October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Australian oil and gas major Santos has warned of another 200 redundancies, this time from its Adelaide-based offices.

The latest round of redundancies was in addition to the 565 positions already cut, which Santos in August revealed delivered some A$100-million a year in gross labour savings, with most of the cuts being made to contractor numbers rather than permanent staff.

Santos said this week that the Adelaide office staff reductions were part of the company’s ongoing drive to further cut costs across the company during a period of low oil prices.

“The organisational changes are consistent with the objective of the company’s strategic review announced in August, to restore and maximise shareholder value,” the company said in a statement.

The job reductions, together with other initiatives to simplify the business, would deliver about A$100-million in cost savings across the company’s Cooper Basin activities over the next three years.

“The job reductions are a part of a broader restructure of the Eastern Australia business to make it a leaner, more agile organisation delivering lower-cost oil and gas from the Cooper Basin,” the company added.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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