Coronavirus: EnQuest warns of more than 500 North Sea redundancies

An gas and oil operator has cautioned it expects to create about 530 redundancies in the North Ocean operation.

Coronavirus 500 North Sea redundancies

EnQuest stated it desired to make savings of $300m (£241m), following a slump sought after for oil along with falling prices.

An appointment period around the plans is arrived.

Industry body Gas and oil United kingdom had cautioned on Tuesday it expected as much as 30,000 jobs to visit because of the coronavirus pandemic.

EnQuest confirmed it’d begun a six-week consultation with employees because it required “decisive action to handle the company in the present challenging economic atmosphere”.

‘Thousands’ of gas and oil jobs threatened by

The organization stated: “Because of the prevailing low oil cost and global demand, the audience has reviewed all of its assets and related spending plans.

“This decrease in operational activity will in the end result in resource reductions, although EnQuest needs to help keep this low.

“EnQuest expects to lessen the amount of roles by 530.”

Meanwhile, Ithaca Energy – among the greatest North Ocean operators – intends to halve its capital spend to $125m (£100m) this season.

Additionally, it intends to cut operational costs by 16% to $370m (£298m).

The organization expanded this past year, using the $2bn (£1.61bn) purchase of Chevron North Ocean.

It’s been pumping 75,000 barrels of oil each day, but intends to cut that back by 10%.