Repsol Cuts Staff as Oil Continues to Plummet

Eleven employees here in Trinidad have been sent home by Spanish energy giant Repsol and there are unconfirmed reports that more will be sent home over the next two weeks. In a media release, Repsol stated that the move is in keeping with a decision by its parent company in October 2015 that 1500 workers or six percent of its global workforce be laid off. There are also unconfirmed reports that if the price of oil does not rebound, the company may be forced to close operations in Trinidad and Tobago. The release stated "the dramatic collapse in oil prices started in July 2014 and it has been a tough time for the industry;  the reality is that no oil and gas company is immune to low commodity prices. Our main focus is for safe and efficient operations while constantly reviewing our organisation needs that is best for our Company. From  2015 to present  we have embarked in many cost savings initiatives to make our  BU sustainable, presently, the market conditions has worsen and we are constantly seeking other alternatives to reduce cost."

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