Oil and gas exploration giants Tullow PLC is reeling under the continued fall in prices of crude oil on the international market despite meeting a production target of some 100,000 barrels per day in Ghana.

The price fall which is now hovering around 50 dollars per barrel has led to the drastic decision by the company to close or cut down operations in Mauritania, Norway, Kenya Uganda and other South American countries, Managing Director of the Company Charles Darku disclosed at a meeting with journalists in Accra Wednesday.

Ghana is facing its fair share of troubles in the troubled oil industry with 70 workers already laid off.

Darku said the company's best and most efficient decision under the circumstances  was to lay off the workers and it did so fairly with 50 per cent locals and 50 per cent expats being asked to go home.

"We needed to cut cost to survive," the MD stated adding the layoffs were done in consultation with the labour commission and other relevant institutions.

He however denied allegations that the locals laid off were the highly skilled labour force.

When asked if the company was considering halting production at least until prices improve, Mr Darku said Tullow will continue to operate in order to maintain its market share.

The challenges notwithstanding, Darku said the Jubilee infrastructure is doing far better than some of the 33 FPSOs dotted across the world.

Tullow, with operations in 22 countries and 136 licenses have paid in excess of $350 million in taxes to the government  in the year under review.

Mr Darku would not be led into discussions into the Ghana Cote d' Ivoire TEN oil field dispute which is currently before an international tribunal, except to add that irrespective of how the case travels Ghana and Tullow will still be united in a cause to invest and explore Ghana's oil field.