22 C
Georgetown
Wednesday, November 25, 2020

ExxonMobil announces 1900 job cuts in United States

Must Read

Orinduik block partners reviewing multiple light, sweet targets for 2021 drill plans

Eco (Atlantic) Oil and Gas Ltd announced Tuesday via its unaudited results for the six months ended September 30, 2020,...

Tullow to plug over 90% of expenditure in West Africa, will continue to evaluate Guyana acreage

UK-based Tullow Oil will be unveiling a new strategy and plan to generate c. $7 billion of operating cashflow...

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

US oil major ExxonMobil said on Thursday as part of an extensive global review announced earlier this year, it plans to reduce staffing levels in the United States, primarily at its management offices in Houston, Texas. The company said it anticipates approximately 1,900 employees will be affected through voluntary and involuntary programs.

“The workforce reductions are the result of ongoing reorganizations and work-process changes that have been made over the past several years to improve efficiency and reduce costs,” ExxonMobil said. “These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions.”

ExxonMobil said the impact of COVID-19 on the demand for its products has increased the urgency of the ongoing efficiency work.

“The company recognizes these decisions will impact employees and their families and has put these programs in place only after comprehensive evaluation and thoughtful deliberation,” ExxonMobil said. “Employees who are separated through involuntary programs will be provided with support, including severance and outplacement services.”

ExxonMobil is operator at the prolific 6.6 million acres Stabroek block in Guyana where it has made 18 discoveries since 2015 amounting to approximately 9 billion barrels of oil equivalent resources. Oil production at the Stabroek block began last December.

The company has said despite the global downturn which has been adversely affecting the oil and gas industry, it remains fully committed to its exploration and production operations and long-term plans in Guyana.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Tullow to plug over 90% of expenditure in West Africa, will continue to evaluate Guyana acreage

UK-based Tullow Oil will be unveiling a new strategy and plan to generate c. $7 billion of operating cashflow...

Joint billion-dollar-plus Guyana-Suriname deepwater harbour on the cards

With massive volumes of hydrocarbons being found in the Guyana-Suriname basin in recent years, development of these resources will require significant shorebase support services...

Orinduik block partners reviewing multiple light, sweet targets for 2021 drill plans

Eco (Atlantic) Oil and Gas Ltd announced Tuesday via its unaudited results for the six months ended September 30, 2020, that multiple light, sweet, oil...

South America’s new O&G deepwater players positioning for big opportunities

The governments of Guyana and Suriname, the new oil and gas deepwater hotspots in South America, are focusing on strengthening bilateral relations and solidifying...

U.S hedge fund plugs US$30 million into junior firm with stake in Kaieteur block

(Reuters) - Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration...

More Articles Like This