The logo of Spanish energy company Repsol is seen outside a gas station in Madrid in 2012.Sergio Perez/Reuters
Spain's Repsol SA is shedding staff from its Canadian operations to prepare for lean times, even as crude prices climb above $50 (U.S.) a barrel.
Repsol Oil & Gas Canada Inc. has in recent weeks notified an unspecified number of personnel in its Calgary office of the cuts, which it says are needed to support "future activity levels" in the region.
The reductions come even as West Texas intermediate oil prices stabilize above $50 a barrel, underscoring reluctance in the industry to begin hiring as prices show tentative signs of recovery.
Spokeswoman Trina Conroy said she could not provide a precise tally, but the cuts are part of planned layoffs of 1,500 worldwide over three years that began in 2015.
"This is a tough time for our company and for all the people who work in Repsol," she said in an e-mailed statement. "Calgary is a major exploration and production business centre for Repsol, and our Canadian assets continue to be one of the company's future growth areas."
Madrid-based Repsol acquired problem-plagued Talisman Energy Inc. for $8.3-billion in late 2014, at the outset of a major downturn that has led to more than 41,000 direct job losses in Canada's oil industry.