Nigerian Oil and Gas Sector Takes a Knock

Nigerian Oil and Gas Sector Takes a Knock

21-Dec-2016 Source:

Companies such as Caverton and Bristow have taken a knock in the Nigerian oil and gas sector, due to the price decline of crude oil. Many clients have cancelled contracts or reduced them, causing the companies to struggle to stay afloat. The economic recession has caused many grievances for the employees of these two companies.

Caverton had to retrench 150, which was followed up with by the National Union of Air Transport Employees (NUATE). As reported by Daily Trust, there was an issue over the reduction of salaries before a resolution was found. The National Association of Aircraft Pilots and Engineers (NAAPE) had to ground Bristow Helicopters Nigeria for the retrenchment of 21 Nigerian employees.

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