25% of Tullow workers in Ghana to be laid off

25% of Tullow workers in Ghana to be laid off

Tullow Oil Plc is reportedly planning to lay off about 25% of its total workforce in Ghana.
Classfmonline reports that the oil company is currently facing some challenges which could lead to job losses.

The report added that about 35% of top management staff of the company could also be affected by the lay off.

According to sources, the move is part of a restructuring policy as a result of the challenges the firm faced in 2019.
Tullow reportedly plans to to slash its administration costs by a fifth, or around US$20 million, by cutting a third of its staff globally.

After a string of production downgrades, Tullow expects its production to shrink to 75,000 barrels per day this year and to 70,000 bpd from 2021.

Last year, Tullow’s value dropped by 30%, triggering the probability of reducing its workforce in order to stay in business and remain competitive.

Meanwhile, Tullow is currently without a CEO following the resignation of Paul McDade, who used to occupy the position.

Source: Pulse Gh

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