ExxonMobil Cuts Jobs in Singapore as Oil and Gas Sector Faces Uncertainty
Singapore, a major regional refining hub, is grappling with significant challenges in the oil and gas sector. ExxonMobil has announced job cuts, joining other global companies responding to industry-wide shifts and uncertainties.
The oil and gas sector is battling weakening demand and overcapacity, notably due to the expansion of petrochemical plants in China. This trend, coupled with the global transition to cleaner energy and stricter regulations, is driving structural changes in the industry.
ExxonMobil's recent announcement to reduce its workforce by 10 to 15 per cent in Singapore by 2027 is a direct response to these challenges. The company joins Shell, which sold its Bukom refinery in Singapore in 2021, leading to job cuts over three years. Chevron and ConocoPhillips have also announced job cuts this year, citing falling crude oil prices and rising OPEC+ supply as key factors.
The oil and gas industry's restructuring, driven by global trends and market pressures, is impacting Singapore's refining hub status. Companies are responding with job cuts and strategic decisions, reflecting the need for adaptation in the face of evolving energy landscapes and economic uncertainties.
