Repsol plans strategic review

Spanish energy company Repsol said it would outline specific details about strategic revisions that include substantial layoffs at a mid-October meeting.

The Spanish company said it trimming about 1,500 employees from its payroll, following precedent that began in early 2015 as crude oil moved into a bear market. Spokesman Brent Anderson was quoted by the Global and Mail newspaper in Canada as saying the job cuts are part of a long-term process.

"We are undertaking a worldwide transformation," he said.

The Spanish company acquired its Canadian rival, Talisman Energy, in May. There was no indication of the amount of staff to be cut in Canada. The reductions, which will be spread out over three years, represent about 6 percent of the total payroll.

The Spanish company said it would outline more details about its strategy at a top-level executive meeting Oct. 15.

Repsol earlier this week announced it was selling off part of its natural gas pipeline business for about $750 million. Last week, it sold part of its oil pipeline operations for $360 million and already this year sold off three offshore exploration reserve areas in Canada to British energy company BG Group.

The Spanish energy company said it's working on a strategy enacted when it acquired Talisman to divest $1 billion in what it considered non-strategic assets.