Tullow Oil will scale back its headcount in Kenya by about 40% as a part of a company-wide restructuring following poor performances at its Africa and Guyana operations.

About 35 staff will turn into redundant, Tullow Kenya Managing Director Martin Mbogo stated in an emailed response to questions. The decreased staff “will focus” on attaining a last funding resolution for the Kenya undertaking this yr, Mbogo stated.

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Tullow’s initiatives have been delayed in Kenya and Uganda, the place the explorer is seeking to scale back its stake in oil discoveries. Assets in Ghana carried out poorly final yr, and a Guyana crude oil deposit turned out to be smaller than anticipated.

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Tullow stated Feb. 5 that it expects its whole workforce to shrink by a 3rd and places of work in Dublin and Cape Town to shut as a part of the restructuring. That would end in “appreciable financial savings,” the corporate stated.

Source: www.worldoil.com

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