MEED: Abu Dhabi's ADNOC Cutting 5,000 Jobs

Reuters

ABU DHABI, May 15 (Reuters) - Abu Dhabi's state-owned National Oil Co (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Middle East news service MEED reported on Sunday.

ADNOC has roughly 55,000 staff. Many companies in Abu Dhabi and elsewhere in the Gulf are trying to cut costs as low oil prices slow economic growth and pressure state finances.

An ADNOC spokesman, contacted by Reuters, did not confirm or deny the cuts but said: "In keeping with the entire oil and gas industry, ADNOC is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.

"This is in line with our strategic goals of efficiency, profitability and performance."

On Thursday, ADNOC announced it had reshuffled its leadership in the first major shake-up since the appointment of Sultan Al Jaber as its chief executive in February.

(Reporting by Maha El Dahan; Editing by Andrew Torchia)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Accounts Payable Manager
Expertise: Accounting|Financial Analyst|Payroll
Location: KCMO, MO
 
Regional Director, Construction and Line Operations (Amarillo, TX) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Amarillo, TX
 
Regional Director, Construction and Line Operations (Denver, CO) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Henderson, CO
 
search for more jobs

Brent Crude Oil : $45.89/BBL 3.69%
Light Crude Oil : $44.48/BBL 3.97%
Natural Gas : $2.96/MMBtu 1.00%
Updated in last 24 hours