EMCC European Monitoring Centre on Change

OMV Petrom

Company/Organisation:
OMV Petrom

Geographic Location

Country: Romania

Company

Sector: Mining / quarrying
Mining and quarrying
06 - Extraction of crude petroleum and natural gas
Number Employed: 15234
Group: OMV

Employment Effects

Announcement Date: 10-08-2016
Planned Job Reductions min: 1200
Planned Job Reductions max: 1200
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2016
Direct Dismissals: 1200

Additional Information

OMV Petrom, the local subsidiary of OMV, the largest oil and gas group in south-eastern Europe, is to lay off 1,200 employees by the end of 2016.

The company decided to close down 250 wells out of the total of 7,600. The shutting down of the wells is attributed to low prices of oil and natural gas and the old state of the industrial equipment.

The company closed down other 350 wells in 2015, but at that time the group did not make any announcement of layoffs.

The trade union have not reacted to the announcement so far.

In the first quarterly of 2016 the company had 15,237 employees.

Romanian Petrom was privatized by the Romanian state and sold to Austrian oil company OMV in 2004.