Enterprise Oil to Shed 160 Staff Amid Reorganisation Programme

Enterprise Oil, the UK exploration and production company, will cut about 160 jobs from its 800-strong staff as part of its reorganisation programme in response to the low oil price. The 20 per cent reduction will include open positions left vacant since September, when the company froze recruitment and began cost-cutting measures. The group's technical director, Mark Hope, will step down from the board in May, while Andrew Armour, exploration director, will take on his responsibilities. Enterprise Oil will reduce its number of executive directors to five from seven, following Lasmo's lead in cutting executive directors from five to three in November.

Key Takeaways:

• Enterprise Oil will cut 160 jobs, approximately 20% of its 800-strong staff, in response to the low oil price.
• The cuts will include vacant positions left unfilled since September, when the company froze recruitment.
• Mark Hope, technical director, will step down from the board in May, with Andrew Armour taking over his responsibilities.
• The company will reduce its executive directors from seven to five, following Lasmo's similar move in November.
• Hope will remain in his role as Chairman of the Association of British Independent Oil Exploration Companies and vice president of the UK Offshore Operators Association until June or July.
• The reorganisation programme aims to save costs, with Lasmo announcing a £30m annual cost-saving drive in November.

Statistics:

• Enterprise Oil will shed 20% of its staff, equivalent to 160 jobs.
• The company has 800 staff members in total.
• 400 of the company's employees are based in London.
• 160 jobs will be cut, including vacant positions since September.
• The number of executive directors will be reduced from seven to five.

Sources:

• "Enterprise Oil to shed 160 staff" by Telegraph
• "Lasmoields 25 per cent cut" by The Times
• "Lasmo announces 25 per cent staff cut" by Reuters