Economy

T&T: Oil Giants Slash Jobs

BHP Billiton—which said it was facing extremely challenging conditions—announced they were cutting jobs/Photo: BP
T&T: Oil Giants Slash Jobs

Trinidad and Tobago’s economy continues to bleed oil and gas jobs amid low prices, with two of the country’s largest energy producers yesterday confirming they will be sending home workers.

Producers bpTT and BHP Billiton—which said it was facing extremely challenging conditions—announced they were cutting jobs.

Global oil prices were teetering on the brink of sub-US$30 per barrel in New York yesterday while natural gas hovered around US$2.29 per million British thermal units (mmbtu) on the New York Mercantile Exchange.

BPTT, which operates in 904,000 acres off Trinidad’s east coast, with 13 offshore platforms and two onshore processing facilities, did not immediately confirm how many jobs would be lost as it reviewed its “organizational structure”.

They will be reviewing operations in TT to achieve greater efficiency in light of fluctating oil and natural gas prices. In a statement, BHP Billiton said, “Today’s petroleum industry is facing extremely challenging market conditions, even by historical standards.

In a separate statement BPTT said it plans to seek further cost efficiencies in its business this year. BPTT said this is being doing in line with the BP Group’s focus on improving efficiency and reducing costs.

“This plan will include a review of third party costs, activity prioritization, process simplification and organizational structure,” BPTT said.

Source/Trinidad Express-Trinidad Newsday
CF/IC

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