BG Group begins offering voluntary redundancy to staff at its British headquarters, the company says, as it seeks to reduce headcount and trim costs.
LONDON, March 20 (Reuters) - Oil and gas producer BG Group has begun offering voluntary redundancy to staff at its British headquarters, the company said, as it seeks to reduce headcount and trim costs.
BG Group has been hit by lower than expected production rates, having downgraded output forecasts several times over the past two years, and is now focusing on streamlining its operations.
"We have invited UK contracted employees based at our head office in Reading to express their interest in a voluntary redundancy package," a company spokesman said on Friday.
BG Group employs 1,100 staff at its head office in Reading, England, and has a total workforce of 5,200 worldwide.
"There is no target for the number of applications (to the voluntary redundancy scheme)," the spokesman said.
The Times newspaper reported on Friday that BG Group was cutting nearly 300 jobs in Britain and planning significant job cuts in Australia.
The energy company warned in January that turmoil in Egypt would hit its output this year and next and that costs would rise because of new investments in Australia and Brazil.
(Reporting by Karolin Schaps in London; Additional reporting by Richa Naidu in Bangalore; Editing by Lisa Shumaker and David Goodman)
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you