BATAM. ConocoPhillips Indonesia has laid off 300 of its 1,200 workers employed in Anambas (Riau Islands), Jakarta and South Sumatra over the last two months in cost efficiency measures, a senior official has said. ConocoPhillips Indonesia’s vice president for development and relations, Joang Laksanto, said current world oil prices, which had declined by almost half, had forced the US oil and gas giant to carry out efficiency measures in various sectors, one of which was by not extending work contracts. “Currently, the oil price has fallen by almost half. We are facing a situation in which production costs remain unchanged but product prices have declined by almost half, causing an almost 50 percent decline in our income,” said Joang.
ConocoPhillips lays off 300 RI workers
BATAM. ConocoPhillips Indonesia has laid off 300 of its 1,200 workers employed in Anambas (Riau Islands), Jakarta and South Sumatra over the last two months in cost efficiency measures, a senior official has said. ConocoPhillips Indonesia’s vice president for development and relations, Joang Laksanto, said current world oil prices, which had declined by almost half, had forced the US oil and gas giant to carry out efficiency measures in various sectors, one of which was by not extending work contracts. “Currently, the oil price has fallen by almost half. We are facing a situation in which production costs remain unchanged but product prices have declined by almost half, causing an almost 50 percent decline in our income,” said Joang.