London - Africa-focused oil producer Tullow Oil is planning to cut jobs and has launched a staffing review, a source familiar with the company said on Tuesday.
Oil companies across the globe are grappling with a drastic drop in oil prices that has hit earnings, putting firms under pressure to cut costs elsewhere.
"Tullow will be a smaller company," the source said.
London-listed Tullow Oil employs more than 2 000 people across 22 countries, with its African operations accounting for half the total workforce.
Tullow Oil has cut its capital expenditure plans for this year to $300m, down from $1bn invested in the first half of 2014 alone.
It has already placed some of its smaller African offshore drilling projects under review in an attempt to rein in exploration costs.