Maersk to cut exploration, staffing levels

Offshore staff

COPENHAGEN, DenmarkMaersk Oil intends to cut 40 positions from its divisions in Copenhagen, Aberdeen and Stavanger, citing continued pressures arising from lower oil prices.

Although the company has reduced the breakeven price of its portfolio from $45-55 to $40-45/bbl, it continues to seek ways of limiting exposure to investments with high breakeven costs.

In the short term, Maersk says it will focus on business development through targeted mergers and acquisitions.

During 1Q, the company reported exploration costs of $57 million, down from $162 million for 2015.

While exploration will provide long-term growth into the 2020’s and beyond, the current business environment means that Maersk will limit its exploration activity in the near term.

05/09/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...