25% of Tullow workers in Ghana to be laid off

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.

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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.