Petroleum Ministry to talk Tullow out of plans to lay off workers


Petroleum Minister Emmanuel Armah Kofi  Buah  says government will not approve any move by Tullow Oil to lay off some of its workers.

 Joy Business gathers that the oil exploration firm’s intention to lay off some of its staff is due to decline in crude oil prices. 

Some analysts say the decision  has also been fuelled by a $2 billion loss recorded by Tullow last year.

Tullow is looking to cut down its work force across the world.

But Petroleum Minister Emmanuel Armah Kofi Buah told Joy Business government is prepared to engage the exploration company to reconsider its decision.

General Manager of Tullow oil however says although lay offs are not off the table,  no firm decisions have  been taken.

He said Tullow is first considering restructuring its operations.

Oil services providers  Halliburton, Schlumberger  and  Baker Hughes, have all indicated plans to cut  their work staff  because of declining crude prices.


More Business & Finance »


Comments:
This article has 0 comment, leave your comment.

Comments