Tullow Oil plans to lay off close to 650 of its staff, on claims that their roles have turned redundant, even as the firm struggles to increase its savings.
According to the firm, the cuts are necessary seeing that it has encountered low oil output from Ghana, as well as delays in oil production in East Africa and Guyana.
The company has had to review and assess its financial performance and business operations to ensure resources are allocated in the most efficient way… Due to this review it has become necessary to restructure the company with some roles becoming unnecessary.Memo from the Company to its Employees
Tullow oil says it will cut its exploration costs to $75 million, and cancel a $100 million dividend payout.
Earlier on this year, the company suspended trucking of oil from Turkana, citing poor road conditions as a result of heavy rainfall.
Tullow Oil is a multinational oil and gas exploration company founded in Ireland. Its headquarters are situated in London, United Kingdom. It has interests in over 150 licenses across 25 countries with 67 oil producing fields. The company has partnered with Africa Oil and Total in their oil exploration in Kenya.