Sector News

Repsol to cut up to 15% of its Calgary workforce

March 4, 2016
News

Repsol Oil & Gas, which last year completed an acquisition of Talisman Energy, plans to cut 10 to 15 per cent of its Calgary workforce in light of low energy prices and expected reductions in future activity levels.

“This is a very tough week for our company and all of the people who work here,” Repsol spokesman Brent Anderson said in an email Thursday.

“The employees and contractors leaving us are skilled people who have made significant contributions to our company.”

Repsol, a Spanish energy giant, announced a $15-billion acquisition offer for Talisman in late 2014 that was completed in 2015.

Talisman had about 1,300 workers last March, prior to the acquisition being finalized, when it announced its own round of cuts totalling 150 to 200 jobs.

The latest cuts come “in light of ongoing low global energy prices,” Anderson said, as the company has “spent significant time considering what our organization needs to support our future activity levels.”

“These types of decisions are never made lightly and a great deal of thought and effort went into them,” he said.

Source: CBC

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