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Chevron division in Nigeria has made plans to reduce its workers by up to 25%. It said that this will help it create a business and organisation that is more “competitive and appropriately-sized”.
According to the company statement, “The aim is to have a business that is competitive and an appropriately-sized organization”. “We must make the necessary adjustments in light of the prevailing business climate.”
- Nigeria: Job Cut at Shell and Clean Energy Ambitions Explained
- The Outlook of Crude Oil, Demand, Prices Seems Clearer Than Ever in 2020
Chevron was recently accused by union representatives of attempting to oust laid-off Nigerians by taking their jobs overseas. Chevron cleared that theory in its statement saying it has no plans to move jobs out of Nigeria. It said that workers will retain their jobs until it completes the restructuring process.
Recent demands for global crude oil isn’t radiant, backed by the coronavirus and lockdown orders. The OPEC, and the International Energy Agency (IEA), and the Energy Information Administration (EIA) are now forecasting a more rapid drop in crude oil demand after the new rise in COVID infections in many countries.
In another section, Chevron Corp. has completed the acquisition of all the outstanding shares of Noble Energy in an all-stock transaction. This was first announced in July by Chevron and was supported by Noble Energy Inc. shareholders.
Details from Noble Energy acquisition
However, details of the all-stock deal acquisition of Nobel Energy show that in July, the offer was originally valued at $5 billion or $10.38 per share. The deal’s value has yielded by over 80% to almost $1 billion as crude oil demand inevitably collapses to the loss of oil assets.
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