Tuesday, June 28, 2022

Tullow Ghana Lays off 10% of its Workforce

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Tullow Ghana has laid off ten percent of its workforce this year due to restructuring. Speaking to GBC24 Business News when the company took its turn at the Facts Behind the Figures Forum in Accra, the Managing Director of Tullow Ghana, Kweku Awotwi said the downsizing focused largely on the cost factor. He explained that more expatriates left after most of the constructions were completed.

Mr. Awotwi disclosed that, “Tullow has contributed more than six percent of the country’s GDP from its production from the Jubilee and Ten fields. Tullow has so far injected 9.8 billion dollars in the Jubilee Fields and 6.5 billion dollars in the Ten fields.”

He added so far, 250 million barrels of oil have been produced from the two fields.  He said production at the Jubilee field is hovering around 120, 000 barrels per day with 80, 000 barrels for the Ten fields.

The Chief Financial Officer of Tullow, Les Wood revealed that, “the company suspended payment of dividends to its investors in 2014, but it is the ambition of Tullow Ghana to continue payment of its dividend on a sustainable basis. He added that, conversation is on board and all is working toward the right direct.

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