Tullow seeks redundancies as low oil prices hits firm

Tullow Oil has said it is discussing redundancies with employees as the energy explorer in Africa seeks to cut costs amid low oil prices.

“Tullow confirms that it has begun a period of consultation with its employees as part of a group-wide programme to increase efficiency and reduce costs in light of current industry conditions,” George Cazenove, a spokesman for the firm, said yesterday.

The Irish-founded company last month reported a net loss of $1.6bn (€1.5bn) for 2014 and suspended its dividend as crude slumped to near a six-year low.