LNG player Santos plans further head-count reductions in its Eastern Australia business as it works on cutting costs across the company in the current period of low oil prices.
“The company is following through with the organisational changes set forth in its August strategic review that aims to restore and maximise shareholder value. Approximately 200 jobs, mainly Adelaide-based office roles, will be removed,” Santos said on Monday.
According to Santos, the job reductions together with additional initiatives to simplify the business will deliver approximately $100 million in cost savings across the company’s Cooper Basin activities over the next three years.
These savings are in addition to the removal of 565 positions across the company, 55% reduction in capital expenditure and 11% reduction in unit production costs.