Oil and gas firm Talisman Sinopec intends to cut hundreds of jobs amid an ongoing slump in the value of oil.

The company revealed plans to axe up to 300 of its 3000 North Sea posts on Tuesday.

All planned redundancies, which include 100 employees and 200 contractors, are believed to be compulsory.

Managing director Paul Warwick said: “Our industry is operating against a backdrop of a declining oil price and increasing operating costs alongside falling production levels, a reduction in exploration, and asset integrity and maintenance issues.

"We are not immune to those challenges and are taking appropriate actions to tackle them.

“As part of the ongoing transformation of our business, Talisman Sinopec Energy UK is proposing material changes in our onshore teams which will result in the reduction of a number of positions within the organisation.

"We have also introduced immediate reductions in contractor rates. We have spoken with our workforce and are supporting them through the process.

“We are committed to working with all our stakeholders, including our shareholders, workforce, business partners and regulatory authorities, to work through this challenging environment."

Wood Group PSN is also carrying out a review of Aberdeen-based HR staff which could result in the loss of 30 full-time jobs.

Chevron, BP, Shell, Schlumberger and ConocoPhillips have all announced job cuts in recent months. Wood Group PSN entered a consultation with staff on Monday.

A spokeswoman said: “We are undertaking a number of changes to HR. This follows a proactive review to improve efficiency and better share resources across the business.

"It will involve a change to some positions and may result in the loss of up to 30 full-time equivalent positions. We began a full consultation with employees affected on January 19.”

Wood Group PSN’s North Sea contractors are facing a 10% pay cut on January 31, following a 10% cut in June last year.

In total, 60 offshore contractors and 1250 onshore contractors paid an average of £100,000 a year will be affected by the cutbacks.

BP announced cuts to contractor pay in December Tuesday, following a similar move by Shell in November.

A dramatic drop in the value of oil has caused widespread concern in the North Sea sector.

Offshore unions met Oil and Gas UK on Friday morning to press for the continuation of jobs in the North Sea. A taskforce will meet later this month to discuss plans to support Scotland’s struggling energy sector.

The Energy Jobs Taskforce will be responsible for monitoring Scotland’s entire energy industry but will focus on the oil and gas industry, which employs 225,000 people nationwide.

The price of a barrel of Brent crude remained relatively stable at $47.69 on Monday after falling by half since June.

Chancellor George Osborne is expected to announce fresh measures to support the North Sea sector in the next budget.

On Tuesday, Mr Osborne told the old the Commons Treasury select committee: "I took decisions in the Autumn Statement to reduce taxes on North Sea oil, anticipating the pressures that the falling oil price would have on the industry and I'm sure we are going to have to take further steps at the budget.

"But we can only do that because we are United Kingdom and we pool our risks."

He added: "One of the great benefits of the UK is that we can help each other when things like the oil prices change dramatically."

Source: STV News