Some of the major oil producing companies operating in Trinidad - TopicsExpress

Some of the major oil producing companies operating in Trinidad and Tobago yesterday dismissed as “ baseless rumour” reports of job cuts in the industry in response to the sharp decline in the global price of oil in recent months. Energy major bpTT denied as false, claims that it had laid off workers from its production platforms. In a statement, bpTT said it plans to continue its projects currently in progress and approved for 2015 while monitoring falling hydrocarbon prices. “Bp always has plans that consider commodity prices can fall,” the statement said. It continued, “Like its parent company, bpTT’s strategic focus continues to be to maximise efficiency and manage cost in the current price environment and thus will consider all its options. Any planned spending related to safety and integrity works will not be affected. BPTT’s response to falling hydrocarbon prices will seek to ensure projects are executed to bring maximum value to Trinidad and Tobago and to the BP group.” The State oil company, Petrotrin, promised a statement on its response to the lower oil prices but up to yesterday afternoon the statement was still forthcoming. Other companies contacted by Newsday said it was too early to make a clear statement on the situation but agreed that they were monitoring the decline in oil prices and how it would impact their businesses. Chief Executive Officer of The Energy Chamber, Thackwray Driver, said he did not know of any specific spending cuts being undertaken by oil companies, “but I wouldn’t be surprised.” He added that “oil is trading at below US$50 a barrel — it wouldn’t surprise me in the least. It would surprise me if they weren’t.” Driver said that “I’m not surprised at all that companies are looking to cut their human resource costs.” He told Newsday, “It’s just that they all need to be as efficient as they possibly can and they are looking to cut costs and increase efficiency.” A spokesperson for Lennox Petroleum Services Limited, a company which supplies contract labour, said he was not aware of any job cuts and that all their labour contracts were in place and promising and quite stable for the future.

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