ExxonMobil Singapore will reduce its workforce by 10-15pc by the end of 2027, in line with global restructuring efforts.
The layoffs in Singapore are in line with the company's plans to cut jobs globally, with the US major announcing it would also reduce about 1,200 jobs across its EU and Norway operations, and 900 jobs at Canada's Imperial Oil, which it owns almost 70pc in.
ExxonMobil Singapore recently started up new base stock production facilities and will maintain its manufacturing presence in Singapore. In line with this, "we are making changes to how we work so we can improve our competitiveness in an ever-evolving landscape", a company spokesperson in Singapore said.
The changes will "reshape and restructure" the organisation. Detailed planning is still ongoing and organisational design is not complete, but it is expected to result in 10-15pc of employees being made redundant. The company will also move out of its central Singapore offices to its new expanded facilities in Jurong by the end of 2027.
ExxonMobil is following in the footsteps of other majors including BP, Chevron and ConocoPhillips, which have announced significant layoffs this year in an attempt to reduce costs, because of lower oil prices ahead of expectations of global oversupply.
ExxonMobil Singapore has a 592,000 b/d refinery in Jurong and has made advancements in its Singapore Resid Upgrade project, which aims to convert 80,000 b/d of lower-value fuel oil to higher-value products, including 20,000 b/d of performance lubricant base stocks for specialty products and 50,000 b/d of distillates.
The firm has begun production of on-specification Group II base oils at its new facilities, which are integrated with the company's refining and petrochemical complex.
