“The margins are shrinking, the fields are getting smaller,” Taufik said. “It will be challenging to meet dividend targets” with current oil prices, he said.
Petronas, Malaysia’s state-owned oil and gas company, will cut about 10% of its workforce in a firm-wide restructuring as it looks to reduce costs due to falling crude prices.
More than 5,000 people will lose their jobs, and all those affected will be informed in stages through next year, Chief Executive Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. Petronas will also freeze hiring until December 2026, he said.
