Gulf Keystone Petroleum said on Friday it would cut about 40% of its workforce as the London-listed oil production company struggled with lower oil prices and a cut in the work program caused by the Corona virus crisis.
The operating company of the Sheikhan field in the Kurdistan region of Iraq, whose average production since the beginning of the year is 37.23 thousand barrels of oil per day, said that layoffs include more than 60% of foreign workers.
The average number of employees and contractors at the company was 407, according to the company's latest annual report, according to Reuters.
The Bermuda-based company said it is on the path of achieving savings from its operating, general and administrative expenses, in excess of 20% this year.
Gulf Keystone also expects operating expenses for 2020 to range between $ 2.7 and $ 3.1 a barrel, down from $ 3.9 a barrel last year.
