Santos, an independent energy company from Australia, on Monday announced further workforce reductions. The company said its workers in Eastern Australia business would be affected by this round of cuts.
Santos explained the move was a part of its ongoing drive to cut costs across the company in the current period of low oil prices.
“The organisational changes are consistent with the objective of the Company’s strategic review announced in August, to restore and maximise shareholder value. Approximately 200 jobs, mainly Adelaide-based office roles, will be removed,” Santos said in a statement.
The company hopes to achieve approximately $100 million in cost savings across the company’s Cooper Basin activities over the next three years.
“These savings are in addition to the removal of 565 positions across the Company, 55% reduction in capital expenditure and 11% reduction in unit production costs announced in the company’s first half results release on 21 August 2015,” Santos said.