Tullow to slash jobs, close offices after poor Africa and Guyana results
NAIROBI (Bloomberg) - Tullow Oil will reduce its headcount in Kenya by about 40% as part of a company-wide restructuring following poor performances at its Africa and Guyana operations.
About 35 workers will become redundant, Tullow Kenya Managing Director Martin Mbogo said in an emailed response to questions. The reduced team “will focus” on achieving a final investment decision for the Kenya project this year, Mbogo said.
Tullow’s projects have been delayed in Kenya and Uganda, where the explorer is looking to reduce its stake in oil discoveries. Assets in Ghana performed poorly last year, and a Guyana crude oil deposit turned out to be smaller than expected.
Tullow said Feb. 5 that it expects its total workforce to shrink by a third and offices in Dublin and Cape Town to close as part of the restructuring. That would result in “considerable savings,” the company said.
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