IGas slashes headcount in face of falling oil price

London-based IGas is planning to slash its workforce by more than a quarter in the face of weaker oil prices.

The energy company also announced it is closing its office in Stirling, but did not say how many of the job cuts would be in Scotland.

In a statement, the firm said: "In light of the prevailing oil price environment, IGas has undertaken a review of its cost base. We have been working with suppliers to make meaningful savings across the business.

"We have also had to make the difficult, but necessary, decision to reduce the size of our workforce and number of consultants employed.

"Overall, there will be headcount reductions of more than 25%, including the closure of the former Dart (Energy) office in Stirling, Scotland. The implementation of the cost reduction exercise is already showing significant benefits."

Just two months ago, the explorer announced a £30m deal with privately-owned Swiss firm Ineos in a move that was made to grow its exploration programme beyond its area of operation.