Oil giant axes 450 jobs

OIL company ConocoPhillips will axe around 450 jobs in the UK between October this year and April 2020.

It follows a voluntary redundancy programme triggered by plans to halt production at a gas terminal later this year. ConocoPhillips has 1,300 staff and contractors in the UK.

It was involved with the Lincolnshire terminal through a 50-50 joint venture with oil giant BP.

A report by industry boy Oil and Gas UK last month highlighted ‘serious concern’ about the lack of drilling in the North Sea, with 94 wells started in 2017, the lowest number since 1973.

The number of jobs supported by the industry fell from 315,000 in 2016 to 300,000 last year.