According to the company’s latest financial report, Maersk Oil has shed 140 jobs in the past year.The drop concurs with a decline in turnover from £1.19billion to £1.01billion. The firm, which will soon be absorbed by Total, successfully tapered its operating losses from £45.5million to £28million for the financial year.
Staff costs fell from $178.7milliont to $112.5million. Maersk Oil confirmed it had gone from 772 positions to 630. This figures exclude executive directors.
Maersk said, “As a response to the current oil price, the company continues to evaluate costs across all categories, both internally and from sub-contractors.
Total, a French oil company, confirmed plans to takeover Maersk Oil in a $7.45 billion deal. It was expected to close in the first quarter of next year. Maersk also confirmed progress on its flagship Culzean development in its most company filing. C
Culzean gas condensate field has resources estimated at 250-300 million barrels of oil equivalent. Production is expected to start in 2019 and will continue for at least 13 years, with plateau production of 60,000-90,000 barrels of oil equivalent per day.
The high pressure, high temperature field in the UK Central North Sea is expected to produce enough gas to meet five percent of total UK demand at peak production in 2020/21.