Oil Search has completed a review of the company and its cost structure, positioning it to operate safely, cost efficiently and to progress its opportunities in Papua New Guinea (PNG).
As part of the structural changes, Oil Search employees have been reduced from 1649 to 1222, with a further 137 employees set to transition out by the end of the year.
However, the company has increased its female representation in the workforce from 25 per cent to more than 28 per cent as a result of the reorganisation.
Oil Search development and capital projects are being reviewed by dedicated teams to identify phasing and cost saving initiatives that materially reduce the breakeven costs of the projects.
Managing director Kieran Wulff said the decisions taken to optimise its company structure, enhance efficiencies and reduce operating costs were not made lightly.
“They are the result of extensive studies aimed at ensuring we have an organisational structure that not only makes us more resilient to oil and gas price fluctuations but also embeds a culture of continuous improvement, operational excellence and strict fiscal discipline,” Wulff said.
“We have reviewed how to make out company stronger by prioritising activities and focusing on the capabilities that are required for use to be successful under a range of economic conditions.”