Woodside Petroleum, Australia's largest independent gas and oil producer, said on Tuesday it would cut 300 jobs, or just under 8 per cent of its workforce, as it shores itself up in the worst conditions experienced in the oil and gas industry in decades.

The latest job losses come on top of cuts in its contract workers earlier this year, when it slashed $2 billion in spending for 2020 and put its two biggest gas projects on hold shortly after oil prices plunged.

"Woodside has undertaken an organisational review to identify the company's workforce needs going forward in this challenging business environment, resulting in the difficult decision to reduce the size of the workforce by around 300 positions," a Woodside spokeswoman said in emailed comments.

Woodside's cuts are the latest in a wave of oil and gas job losses worldwide.

In Australia alone, Chevron Corp is set to cut around 25 per cent of its staff, Exxon Mobil Corp is seeking volunteers to quit the company, and Oil Search Ltd axed a third of its workforce.