Tullow Plans to Lay off Staff

Tullow Ghana, the premier commercial crude oil producer in Ghana has threatened to cut jobs massively in its Ghana operations.

Insiders say the firm is creaking under serious challenges in its upstream crude oil production.

According to the reports, about 25% of the total workforce in Ghana could lose their jobs this year, while 35% of top management staff are also expected to be affected.

Tullow as well plans to cut a third of its staff globally to slash its administration costs by a fifth, or around US$20 million, a source with direct knowledge of the matter told Nasdaq, after weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana.

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.

Tullow’s value dropped by 30% in 2019, triggering the probability of reducing its workforce in order to stay in business and remain competitive. This follows a decline in its shares by 60% in December 2019, due to announcement by its CEO, Paul McDade and Exploration Director, Angus McCoss that they had quit the firm.

The company is yet to announce a new CEO after the recent resignation of Paul McDade.

In Ghana, Tullow Oil operates the country’s Jubilee and TEN fields.

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