Repsol eliminating 1,500 jobs by 2020

MADRID—Spanish energy company Repsol plans to eliminate six per cent of its workforce by 2020, meaning about 1,500 job cuts for the company’s roster of 25,000 employees.

Repsol SA said in a letter to employees that the cuts are part of a three-year strategic plan for 2016-2020 aimed at making the company more efficient and ensuring its viability.

The move comes just months after Repsol acquired Calgary’s Talisman Energy and as low global oil prices have forced many energy companies around the world to significantly reduce costs.