Woodside Petroleum Could Cut 20% Of Its Workforce This Year

Pluto LNG plant.

Woodside Petroleum is reportedly looking to cut up to 800 jobs as it looks to shed excess capacity and deliver cost savings.

The Weekend Australian reports more than 20 per cent of Woodside’s workforce could be laid off after a number of projects stalled or were shelved, including an LNG plant at James Price Point in Western Australia and the Greater Sunrise gas project which remains tied up in a disagreement between East Timorese and Australian authorities.

With falling commodity prices, resources companies are attempting to lower capital expenditure and shrink their workforces.

Woodside CEO Peter Coleman recently said the company is looking to save $800 million by the end of 2016 through increasing volumes, cutting expenditure by between 10-20 per cent and improving “organisational efficiencies” by the same amount.

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