UAE's Dana Gas to cut workforce and costs by half
CEO Patrick Allman-Ward said it is responding to weakening hydrocarbon prices and payment delays
Sharjah-based Dana Gas intends to slash its headquarters workforce by 40% as it responds to weakening hydrocarbon prices and payment delays.
CEO Patrick Allman-Ward said it would also cut general and administrative expenses by 50%.
Speaking on the sidelines of the 7th Gulf Intelligence UAE Energy Forum held in Abu Dhabi, he said that the company is proceeding with its investments in Egypt.
He added that there is strong potential for the company’s operations in Egypt as its production is likely to jump in 2016.
The company’s Balsam field in the Nile delta will come on stream before year-end.