The American oil company Chevron has announced that it is preparing to reduce its global workforce by 10 to 15% as part of a restructuring launched to cope with the difficulties that arise from the appearance of the coronavirus pandemic. Chevron has 45,000 employees worldwide. Consequently, the program aims to cut 4,500 to 6,750 jobs.
“The aim is to respond to current market conditions, with a variable impact on each business unit and each region. Most of the reductions will take place this year. It’s a difficult decision and we don’t take it lightly, ” said company spokesperson Veronica Flores-Paniagua.
Chevron is present in Africa mainly in Nigeria, Benin, Angola, Congo and Togo. She is about to enter Algeria.
Chevron was seen as the standard bearer of financial discipline in the petroleum industry and was among the first to make major budget cuts as demand for oil plummeted. A few weeks ago, the company cut capital spending for 2020 by 30%. Last year, it abandoned a takeover bid for Anadarko Petroleum rather than launching an auction with Occidental Petroleum.
Source: Agence Ecofin