{"id":2272,"date":"2015-01-13T22:31:25","date_gmt":"2015-01-13T21:31:25","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=2272"},"modified":"2015-09-07T12:48:29","modified_gmt":"2015-09-07T12:48:29","slug":"tullow-oil-to-cut-jobs-as-oil-price-slump-continues","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-cut-jobs-as-oil-price-slump-continues\/","title":{"rendered":"Tullow Oil to cut jobs as oil price slump continues"},"content":{"rendered":"

Tullow Oil has said it is planning to cut costs through a reduction of its workforce according to an unnamed source quoted by Reuters.<\/p>\n

In the article by Reuters the source says he or she expects a smaller company in the coming months although no percentage or number was disclosed.<\/p>\n

This will be bad news for communities living in areas who have benefitted from the employment as a result of ongoing exploration especially in new frontiers in East Africa.<\/p>\n

Already the company has announced a reduction in offshore exploration<\/a> costs with expenditure plans in the first half set at just $300 million according to the company down from $1 billion over the same period in 2014.<\/p>\n

Employees in the East African acreage will however be hanging on a statement by Tullow that the company would focus primarily on East Africa where it has major basin-opening potential.<\/p>\n

\u201cTullow remains exploration-led and will continue to add further high quality frontier acreage so that, as conditions allow, we can return to drilling the types of prospects that have given us the development portfolio we have today,\u201d Tullow Oil Chief Executive Officer Aidan Heavey promised.<\/p>\n

The news also come after months of rumors that India\u2019s overseas investment arm of Oil and Natural Gas Corp ONGC Videsh<\/a> was looking into farming into Tullow Oil assets in Ghana and Kenya.<\/p>\n

Other statistics\u00a0from a report prepared in May 2014 by Tullow Oil showed that the company had generated over 3000 jobs<\/a>\u00a0in Kenya, three-fifths of which went to residents of Turkana mainly through local contractors.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Tullow Oil has said it is planning to cut costs through a reduction of its workforce according to an unnamed source quoted by Reuters. In the article by Reuters the … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":2207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[100,592,637,671,737,997,1208,1252,1810,1912,2571,2580],"class_list":["post-2272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-aidan-heavey","tag-development-portfolio","tag-drilling","tag-east-africa","tag-employment","tag-ghana","tag-jobs-2","tag-kenya","tag-offshore-exploration","tag-ongc-videsh","tag-tullow-oil","tag-turkana","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/tullow-oil.png?fit=385%2C255&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-AE","jetpack-related-posts":[{"id":2040,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-cuts-on-offshore-exploration-to-focus-on-east-africa-acreage-as-crude-oil-price-drop\/","url_meta":{"origin":2272,"position":0},"title":"Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop","author":"Samuel Kamau Mbote","date":"November 12, 2014","format":false,"excerpt":"Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. \u201cIn light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital\u2026","rel":"","context":"In "Prices"","block_context":{"text":"Prices","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5397,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-needs-to-unlock-value-in-kenya-with-a-farm-out-broker\/","url_meta":{"origin":2272,"position":1},"title":"Tullow Oil needs to unlock value in Kenya with a farm-out – broker","author":"","date":"November 15, 2016","format":false,"excerpt":"Source: ProactiveInvestors Tullow's partner banked nearly half a billion from a farm-out earlier this year, and Numis says a similar deal could help Tullow fix its balance sheet. Tullow Oil plc\u00a0needs to do good business over its East African assets, according to City broker Numis, which sees the share going\u2026","rel":"","context":"In "News by others"","block_context":{"text":"News by others","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/news-by-others\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2009,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ongc-videsh-ready-to-buy-tullow-oil-african-assets-in-kenya-or-ghana\/","url_meta":{"origin":2272,"position":2},"title":"ONGC Videsh ready to buy Tullow Oil African Assets in Kenya or Ghana","author":"Samuel Kamau Mbote","date":"November 6, 2014","format":false,"excerpt":"India\u2019s overseas investment arm of Oil and Natural Gas Corp ONGC Videsh might be looking into farming into Tullow Oil assets in Ghana and Kenya according to news reports by online.wsj.com attributed to ONGC\u2019s director of exploration Anil Bhandari and Reuters who quote an anonymous source. The need to buy\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/ongc-videsh_2.jpg?fit=406%2C319&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4242,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-slashes-east-africa-exploration-budget-focuses-on-pre-development-stage\/","url_meta":{"origin":2272,"position":3},"title":"Tullow Oil Slashes East Africa Exploration Budget Focuses on Pre-Development Stage","author":"","date":"January 13, 2016","format":false,"excerpt":"Tullow Oil has slashed its exploration and appraisal budget by 50 percent compared to 2015 to just $100 million as the company allocated $150 million to pre-development expenditure. The reduction is an overall cut in the group\u2019s capital expenditure associated with operating activities which has reduced from $1.7 billion in\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7288,"url":"https:\/\/www.oilnewskenya.com\/index.php\/discover-exploration-limited-farms-blocks-35-36-37-tullow-oil-offshore-comoros\/","url_meta":{"origin":2272,"position":4},"title":"Discover Exploration Limited Farms Out Blocks 35, 36 & 37 to Tullow Oil Offshore Comoros","author":"","date":"November 30, 2018","format":false,"excerpt":"Discover Exploration Limited has announced that its wholly-owned subsidiary Discover Exploration Comoros B.V.\u00a0has signed a binding agreement to farm out a 35% working interest in its Production Sharing\u00a0Contract (PSC) covering blocks 35, 36 & 37 offshore the Union of the Comoros to Tullow Comoros Limited, a wholly-owned subsidiary of Tullow\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/11\/Comoros-blocks.png?fit=385%2C566&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4339,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-focus-on-seismic-surveys-in-2017-as-exploration-expenditure-drop\/","url_meta":{"origin":2272,"position":5},"title":"Tullow Oil To Focus on Seismic Surveys in 2017 As Exploration Expenditure Drop","author":"","date":"February 10, 2016","format":false,"excerpt":"Following the earlier announced cut in exploration costs by Tullow oil the explorer has said it will focus on seismic surveying, processing and interpretation, high-grading and progressing leads to drill worthy prospects as oil prices continue to remain at an all-time low. Tullow Oil which has set just $100 million\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2272"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2272\/revisions"}],"predecessor-version":[{"id":3532,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2272\/revisions\/3532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/2207"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}