Energy firm IGas has announced plans to shed more than a quarter of its workforce and close an office in Stirling.

The company, which employs about 200 people, said it was taking the step in response to the lower price of oil.

IGas is based in London but runs operations at a number of onshore locations in the UK, including Lybster in Caithness.

The company has not specified how many jobs will go north of the border.

'Difficult decision'

In a statement, IGas said: "In light of the prevailing oil price environment, IGas has undertaken a review of its cost base.

"We have been working with suppliers to make meaningful savings across the business.

"We have also had to make the difficult, but necessary, decision to reduce the size of our workforce and number of consultants employed.

"Overall, there will be headcount reductions of more than 25%, including the closure of the former Dart (Energy) office in Stirling, Scotland.

"The implementation of the cost reduction exercise is already showing significant benefits."

In March, IGas signed a £30m gas deal with Ineos in a tie-up designed to expand the energy firm's exploration efforts.

As part of the deal, Ineos bought IGas's stake in the shale licence around the Grangemouth petrochemical plant, giving the Swiss firm full ownership of the site.

The deal also gives Ineos access to sites beyond the ones it currently operates in Scotland.

Source: www.reuters.com

Please leave comments and feedback below