BSJV says no plans to lay off staff

National 1 minute, 6 seconds


BRUNEI Shell Joint Venture Companies (BSJV) yesterday released a statement to assure the public that at present it has no plans to lay off staff. This after Royal Dutch Shell announced it would cut 6,500 jobs amid dropping oil prices.

BSJV issued the statement jointly with Brunei Shell Petroleum, saying they would instead be focusing on “enhancing their efficiency” to ensure they remain robust companies in what they described were “challenging times”.

Shell’s job cuts were announced on Thursday with their second quarter earnings, which revealed that profits had fallen by 33 per cent compared to the same period last year.

Speaking after their second quarter results were released, Shell’s Chief Executive Ben Van Beurden said: “We have to be resilient in a world where oil prices remain low for some time.

“We have to be an attractive and resilient company at today’s oil price, no matter how long this oil price will continue. We are acting with determination and urgency.”

Crude oil prices currently sit at US$52 per barrel.

Brunei’s oil and gas exports, which account for over 90 per cent of all exports, plunged by 31.4 per cent on year, according to data from the Department of Economic Planning and Development (JPKE).

In terms of value, oil exports fell by 23 per cent on year to $325 million.

The Brunei Times