UK shale firm IGas to cut more than 25% staff

Shale gas company IGas plans to cut more than a quarter of its staff and close an office in Stirling. The company, which has around 200 employees, said the cuts […]

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Shale gas company IGas plans to cut more than a quarter of its staff and close an office in Stirling.

The company, which has around 200 employees, said the cuts were due to the lower price of oil.

It 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.

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

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

The company also finalised a £168m shale gas exploration deal with Ineos last week.