Oil and gas worry in Labuan

Are part of the layin’ and slashin’?

Dateline 2015-01-23, Daily Express:

The continuing downtrend in crude oil prices which has dumbfounded even the industry’s biggest players is causing an uncomfortable feeling among hundreds here depending on the sector.

Especially now that the world’s leading oil-field services company Schlumberger is laying off 9,000 workers and slashing its global workforce by seven per cent and Halliburton, another giant, laying off 1,000 workers in the “Eastern Hemisphere”.

Both these companies have a strong presence here and have been in operation for years. Halliburton even has its own warehouse and hundreds of workers under its payroll, most of whom are highly paid.

There are about 5,000 people engaged in the oil and gas sector with the Asian Supply Base (ASB) alone having 9,000 direct staff and another 4,000 employees with supporting companies mostly using the base.

Apart from Halliburton and Schlumberger, there are production sharing companies like Shell, Petronas, Murphy Oil, Nippon Oil, Armeda Hazz, Newfield and Petronas-Carigali.


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