Talisman Sinopec Energy UK to cut 300 jobs

Tue Jan 20, 2015 1:59pm EST
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Jan 20 (Reuters) - North Sea oil and gas field operator Talisman Sinopec Energy UK said it would cut 300 jobs due to falling production levels and rising operating costs hurt by low oil prices.

The company said the number represented a split between 100 employees and 200 contractor positions.

The company also introduced immediate reductions in contractor rates.

Talisman Sinopec Energy UK is a joint venture between Canada's Talisman Energy Inc and Addax Petroleum UK Limited, a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group).

The company has a total workforce of 3,000.

(Reporting by Shivam Srivastava in Bengaluru, editing by David Evans)