Two sources familiar with the matter said that Qatar Petroleum (QP) is planning to slash job and cost to cope with the market downturn, affected mostly by the coronavirus pandemic.
According to the sources, CEO Saad Al Kaabi told the company’s employees in an internal memo of the planned staff cuts which was planned for after Eid, in the last week of May.
The job and cost cuts would be the third ones in these last six years.
The company will also delay the start of its new gas facilities until 2025 after the postponement in the bidding process. However, QP would not downsize the world’s biggest liquefied natural gas (LNG) expansion project, the North Field.
QP plans to produce 126 million tpa of LNG by 2027.
