Abu Dhabi National Oil Company (TAQA) announced Thursday that it will shed 16-percent of staff employed at the company’s headquarters.
As part of a move to reduce general and administrative costs by more than $20 million in 2014, the firm will see its headcount at its Abu Dhabi HQ reduced to 189 people.
"The corporate center has grown over recent years to enable us to manage TAQA's businesses across 11 countries effectively. Our commitment to pursuing excellence means we constantly review our cost base and monitor performance to ensure we deliver efficiently on our vision," TAQA CEO Carl Sheldon said.
"As we become a more cohesive international group with greater capacity in Abu Dhabi, we are able to increase efficiency by leveraging our integrated global teams."
TAQA pointed out that earlier this year a two-phased reorganization of its North American oil and gas business delivered improved performance form a simpler structure, with $28 million in annual general and administrative savings.
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