Laid off, here. My two cents.
Look, half or perhaps even fewer of you will actually make it to retirement. It’s a fact. The company wants to reduce costs and the closer you get to NRE the more expensive you get. They also want desperately to ship your job to a low cost country. That big old lump sum is not guaranteed and the company has slapped you all in the face with that fact over the last two rank cycles.
Accept it and move on. Look for other jobs. Do the bare minimum to stay off the PIP and kiss bu-t while doing the min. If you aren’t getting offers, then upskill before continuing your search. Consider other industries, professions, and locations.
If you are going to stay with oil and gas and are not a HiPo then consider leaving for other companies. There’s zero chance that you’ll be highly valued where you are, but there’s a chance you’ll be highly valued somewhere else. Get your resume out there, network, and take control of your future for once in your career.
Stay focused on yourself and what is in your best interest. That may be staying where you are and playing the squid game. Or it may be finding a great job in a great location with a great company where you are valued and treated with respect.
I’m so happy I was laid off. It’s literally the best thing to have happened to me. Don’t fear the PIP, embrace it and recognize that it may be the best thing that will ever happen to you.