Oil Search has taken action to ensure its business remains stable following the challenges that the oil and gas industry is facing.
As a result of the unstable oil market and impact of COVID-19, the company suspended its upcoming discretionary activities, except those to maintain production at its Papua New Guinea facilities.
Following this decision, Oil Search has decided to reduce the company’s workforce in Sydney and Anchorage (Alaska, United States) by 100 staff due to the reduction in work programs.
In addition, the company’s board and executive team also agreed to a 20 per cent salary cut for the next six months.
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