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Talisman Sinopec Energy UK to cut 300 jobs

Reuters - UK Focus

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Jan 20 (Reuters) - North Sea oil and gas field operator Talisman Sinopec Energy UK said it would cut 300 jobs due to falling production and rising operating costs in the wake of plunging oil prices.

Talisman Sinopec becomes the latest company to cut jobs after oil majors BP and ConocoPhillips (NYSE: COP - news) cut more than 500 jobs in the North Sea.

The company said it would be letting 100 regular employees and 200 contractors go.

Oil prices have dropped almost 60 percent in the last six months.

The company said it will continue to review its numbers in the current climate and also introduced immediate reductions in contractor rates.

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Talisman Sinopec Energy UK is a joint venture between Canada's Talisman Energy Inc (Toronto: TLM.TO - news) and Addax Petroleum UK Limited, a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group).

The company, which is based in Aberdeen, Scotland, has a total workforce of 3,000. (Reporting by Shivam Srivastava in Bengaluru, editing by David Evans/Hugh Lawson)