Onshore oil and gas exploration and production firm Oilex Ltd announced Thursday that it will cut its staff in Perth and India by 30 percent as part of a cost reduction initiative.
In addition to the layoffs, Oilex revealed that it would reduce the wages of existing personnel by an average of 14 percent. This will be the second decrease in salary for personnel during the 2016 calendar year.
Oilex’s Managing Director and Head of India have also accepted salary reductions of 22.3 percent and 18 percent, respectively, and chairman and non-executive director fees are also being reduced by 10 percent. These changes will be effective from October 1.
“The current downturn in our industry and specific requirements of the company have made these cuts necessary and it is with great regret that we lose some staff and see those retained with reduced compensation,” said Oilex Managing Director Jonathan Salomon.
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