Arco has reduced its Alaskan exploration efforts.
The Los Angeles-based oil company said that its staff was reduced to 35 from 200 but that only 50 workers will lose jobs. Many were transferred to Atlantic Richfield’s Dallas exploration unit, Arco said. The move is part of a previously announced 35% cutback in exploration this year. Arco said it wasn’t yet clear which projects, if any, would be terminated.
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