Abu Dhabi’s Taqa Cuts 22% of Jobs Amid Loss on Falling Oil
A worker stands on a drilling tower platform beside gas pipes during operations at the Boekelermeer gas storage site, operated by Abu Dhabi National Energy Co (Taqa) and EBN BV, the Dutch state-owned energy company, in Alkmaar.
Photographer: Jasper Juinen/BloombergAbu Dhabi National Energy Co., the government-owned utility that produces crude from Canada to the U.K., has slashed 22 percent of its oil and gas jobs in the past year amid a loss due to tumbling global prices.
The company known as Taqa plans to cut spending 2.5 billion dirhams ($681 million) this year after reducing capital expenditures by 1.05 billion dirhams in the first half, according to an e-mailed statement from the company on Thursday. Headcount at the Abu Dhabi headquarters is down 32 percent since July last year.