China National Petroleum Corp (CNPC) plans to cut staff at its Beijing headquarters by 20 percent, the company said in a post on its social media blog on Wednesday, the latest move in an efficiency drive by the country's top State energy group.
The plan will be completed by March next year, with some staff relocated to specialized business units.
The move will also reduce the number of departments at the headquarters. Some divisions will be merged, such as the quality and standards supervision departments, which will be combined, the report said.
Company press officials were not immediately available for comment.
Other global oil companies have carried out cost-cutting programs in recent years as the years-long rout in crude oil prices hurt profits.
Earlier in 2016, CNPC carried out a major restructuring, including selling $11 billion worth of financial assets to a listed unit, and announcing plans to transfer its oil field services business into another listed unit.
In June, CNPC said it planned to sell some of its largest oil field subsidiaries, which have reported declining revenues over the past few years.
According to a filing to the Shanghai stock exchange, Xinjiang Dushanzi Tianli High & New Tech Co said it was in talks to buy CNPC's oil field services assets, which may include China Petroleum Pipeline Bureau and China Petroleum Engineering and Construction Corp.
