UAE’s Dana Gas announced its decision to slash its head office workforce by 40%, and cut administrative costs by 50%. The move is part of the evaluation and cost cutting process, which the company adopted in 2015, reported Rigzone.
The announcement was made by Dana Gas CEO, Patrick Allman-Ward, who made the statement on the sidelines of Middle East Gas Conference 2016 in Abu Dhabi.
According to Gulf News Dana Gas reported a net loss of $9m in Q3 2015, in comparison to Q3 2014’s net profit of $38m. The company cited oil prices as the main reason.
Despite the significant losses the company had encountered, and efforts to cut costs, Allman-Ward confirmed that the company will continue to invest in Egypt, where it produces 34,000 b/d from, in addition to it’s Balsam-1 and Balsam-2 gas wells in the Nile delta which are expected to go onstream this month, producing 24mcf, reported Ahram Online.
Dana Gas is also yet to receive $1.98b owned to its consortium by the Kurdistan region of Iraq (KRG). According to company officials the amount will probably not be paid in one go, and maybe rescheduled.