Talisman to axe jobs to lower costs

Cutting jobs: Talisman plans to reduce workforce

SCANPIX/REUTERS/Dani Cardona (SPAIN)

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By News Wires

 25 January 2013 19:53 GMT

Canada’s Talisman Energy will cut jobs to reduce general and administrative costs by a fifth while making good on plans to exit less-profitable operations around the world, according to a report.

Talisman, whose new chief executive has served notice that the company will hone operations and spend much less on high-risk exploration, intends to cut annual G&A costs of C$1.3 billion ($1.3 billion) this year, Reuters reported.

More details are expected within weeks.

"It's, I think, probably at least 20% overall, and that's a combination of both people and indirect costs," Helen Wesley, vice president of corporate services, told investors at a conference in British Columbia.

Wesley and Richard Herbert, vice president of exploration, did not say how many positions will be cut as Talisman exits such countries as Peru…

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