The immediate past National Industrial Relations Officer, Petroleum
and Natural Gas Senior Staff Association of Nigeria (PENGASSAN),
Hyginus Onuegbu, has said that Nigeria’s oil and gas companies have cut
about 120,000 direct and indirect jobs, due to the persistent drop in
oil prices, The Punch reports.
Onuegbu who is the Rivers State Chairman, Trade Union Congress of Nigeria (TUC), said the dwindling oil prices had affected the expected revenue of oil companies in the country as revealed by their third quarter reports, with some of them declaring losses.
He added that the current situation in the oil and gas industry had led to the reduction in exploration and production activities globally, saying that the low oil prices, which started in the second half of 2014, will likely continue up until 2019.
Onuegbu who is the Rivers State Chairman, Trade Union Congress of Nigeria (TUC), said the dwindling oil prices had affected the expected revenue of oil companies in the country as revealed by their third quarter reports, with some of them declaring losses.
He added that the current situation in the oil and gas industry had led to the reduction in exploration and production activities globally, saying that the low oil prices, which started in the second half of 2014, will likely continue up until 2019.
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