London-Sana
The British company "Gulf Keystone" announced today its intention to reduce about 40 percent of its workforce due to the drop in oil prices and the reduction of the program of work resulting from the emerging crisis of the Corona virus.
Reuters quoted the company as saying in its latest annual report that "layoffs include more than 60 percent of foreign workers," explaining that the average number of employees and contractors with the company is 407 people.
The Bermuda-based company added that it is "on the path of achieving savings from its operating, general and administrative expenses in excess of 20 percent in the current year", expected that operating expenses for the current year will reach between 2.7 dollars and 3.1 dollars per barrel, down from 3.9 dollars per barrel last year.
The company's decision follows similar moves by major oil companies that have begun laying off hundreds of their workers, most of whom are foreigners.
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