Woodside has revealed thats its workforce will be cut by 300 employees following an organisational review.
The company, which has not specified where the cuts will be made, undertook an organisational review to identify its workforce needs going forward during this challenging business environment.
“This resulted in the difficult decision to reduce the size of the workforce by around 300 positions,” a Woodside spokesperson said.
“The organisational review follows decisions in March to cut spending and delay growth projects in response to the global COVID-19 pandemic and lower oil prices. This is a reduction in Woodside’s direct employee workforce.”
Woodside plans to consult the impacted employees and offer support during this difficult period, acknowledging their valued contribution to the business.
“This decision allows the company to manage through these challenging times while continuing to maintain safe and reliable operations,” the spokesperson added.
In March, Woodside deferred proposed final investment decisions (FIDs) for the Scarborough, Pluto Train 2 and Browse projects in Western Australia due to the uncertainty caused by COVID-19.
Woodside also announced in March that it would change its 2020 work plan, resulting in a 50 per cent reduction in its forecast expenditure for the year.
Its expenditure in 2020 was forecast to drop to $2.4 billion, including a $100 million reduction in operating expenditure and a 60 per cent reduction in investment expenditure to $1.7-1.9 billion.