(KDRTV)- A British oil explorer Tullow has tendered a redundancy notice with respect to its employees in Kenya signaling massive employment losses in the company
In the internal memo seen by KDRTV, the company has expressed the anticipated job cuts which it relates to its financial status after have done an insightful review to its business operations at various levels
“These factors have significantly affected the ability of the company to continue sustaining the high human resource wage bill. Resultantly, it is now inevitable that there may be job losses and redundancies at all levels and cadres of our organization,” read part of the memo undersigned by Tullow Kenya Managing Director Martin Mbogo.
We understand that the redundancy notice has surfaced after a tough year for the company which also fired its Chief Executive Officer and Exploration Director in 2019 citing depressed production outlook
The company has also announced his annual earning and has suspended the payouts of the dividends which the management focus on the general business review
The company has been recently faced with hard times as it was forced to trim its output expectations for Ghana due to the declining crude stocks.
At the same time, the company ran a test in the Guyana`s crude oil which turn out to have a higher content of sulfur
The Tullow company is believed to have employed about 650 locals and has been the key operator of the project oil in Kenya after signing agreeements
During the month of January, the Tullow company had put up its entire stake in Kenya for sale in a begining to its market down ahead of the epected final investment decision in the second half of 2020