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Ophir to cut 15 pct jobs amid oil price glut
July 12, 2017 / 7:00 AM / 5 months ago

Ophir to cut 15 pct jobs amid oil price glut

July 12 (Reuters) - Ophir Energy Plc will cut about 15 percent of its global workforce, the UK oil and gas explorer said on Wednesday, as low oil prices force oil producers to trim costs.

The company said the job cuts were focused on corporate roles in London and expatriate positions to save an estimated $10 million to $12 million a year.

Ophir also lowered its full-year production forecast, saying its Kerendan gas field ramped up at a slower-than-expected pace.

The full-year forecast has been lowered to 12,000 barrels of oil equivalent per day (boepd), and said production in the first half ended June 30 averaged at 11,300 boepd. This was 1,200 boepd below target as production at two of its gas fields was lower than expected, the company said. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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