Tullow Ghana to sack over 100 workers

Tullow Ghana is set to layoff over one hundred of its workers as a result of the increasing drop in crude oil prices, Starr News has gathered.

The company, according to Starr News sources, will discuss the decision with the workers at a town hall meeting scheduled for Monday March 16,2015, in Takoradi in the Western region.

Crude prices have fallen to a record five-year low and have been hovering between 50 and 60 Dollars per barrel, from the more than 100 Dollar per barrel prices of the past.

Major players in the OPEC community, especially the oil rich Arab countries have said the high crude oil prices have always been artificial. While some countries and companies are gaining from the sharp crude price fall, others, especially oil firms are reeling under the fall.

The firms will be negotiating severance packages with the unions of the local workers penned down for axing.