The first batch of Ghanaian employees of UK oil and gas firm, Tullow Ghana Ltd, who are part of those being laid off in a redundant exercise, have exited with hefty packages, energynewsafrica.com can report.
Sources within Tullow Oil told energynewsafrica.com that the firm was generous with the Ghanaian workers.
Our sources said the firm paid the ex-employees three months’ salaries for each year and multiplied them by the number of years they have worked with the firm. This is in addition to their Provident Fund.
“They are being paid three months’ salaries each year. So if someone has worked for ten years, you will multiply ten by three and that is a lot. Don’t forget that they have Provident Fund so it’s not terrible as it seems,” enerynewsafrica.com sources said.
The second batch of employees who are affected by the redundancy exercise, energynewsafrica.com understands would be exiting the firm in June and December respectively.
Tullow Oil Plc has resorted to redundancy exercise as part of efforts to stay competitive following challenges it faced with its operations in Ghana and other parts of Afria.
The firm is cutting back 35 percent of its global workforce with Ghanaian labour force expected to see 25 percent cut back.
In December last year, Tullow’s shares fell by 60 percent following announcement by Tullow’s CEO, Paul McDade and Angus McCoss, Exploration Director that they had quit the firm.
More than £1.05bn was wiped off Tullow’s market value, leaving the company reeling, valued at £801.7m.
The company is yet to announce a new CEO after the resignation of Paul McDade.