Gulf Keystone Petroleum Slashes 40% Of Jobs

Gulf Keystone Petroleum, which operates in Iraq’s semi-autonomous Kurdistan Region, is reducing its workforce by around 40 percent in view of the unprecedented oil market and macroeconomic conditions, the London-listed independent oil company said on Friday. Gulf Keystone Petroleum operates the Shaikan Field northwest of Erbil under a Production Sharing Contract with the Kurdistan Regional Government (KRG) and has an 80-percent working interest in the Shaikan license. Because of the oil price crash, the company is reducing…