US energy exploration and production company Noble Energy Inc. (NYSE: NBL) has begun laying off dozens of employees in Israel as part of its international streamlining plan.
The company, which operates the Tamar and Leviathan gas fields, has several hundred employees in Israel, some on the gas rigs themselves and others in its Israel head office in Herzliya. Sources in Israel stress that the layoffs will not affect the flow of gas from the offshore rigs or the service that the company provides its customers.
Noble has been caught up in the financial troubles caused by the collapse of oil prices worldwide and in the US in particular as part of its oil fracking operations. At the start of March, Nobel Energy announced a cost cutting plan.
Noble Energy said, "In early March, Noble Energy announced plans to reduce our planned capital spending . While most of that reduction has and will come from cuts in our onshore US business, we have continued to review our business to identify additional efficiencies that best position us to continue to provide best-in-class operations as we face the dual challenges of the COVID-19 pandemic and a low-priced commodity environment."
"In Israel, we continue to be focused on supplying gas safely and reliably to domestic and regional customers. The actions we have taken will allow us to maintain that focus and meet our commitment to our employees, our customers and the people of Israel for years to come."
Published by Globes, Israel business news - www.globes-online.com - on May 3, 2020
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