Woodside Petroleum has plans to layoff 300 jobs over the next two years as part of a cost-cutting program. Sixty employees have already been given notice. Some of the employees given notice were contact employees. The cuts are part of the Profitability Enhancement Program that was launched late last year. The program is aimed at improving the group's efficiencies by 25-30%. The annual cost savings will amount to approximately A$45 million, though the exact figure depends on the ratio of contractors and permanent staff laid off.