TAQA's Canada unit lays off 5% of staff

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Taqa CEO, Carl Sheldon.

Taqa CEO, Carl Sheldon.

The Canadian unit of Abu Dhabi National Energy Company (TAQA) said on Monday it has laid off 50 of its 950 employees as it restructures its operations in the country.

TAQA North, which produces nearly 90,000 barrels of oil equivalent per day from oil and gas fields in Western Canada, said the layoffs were a result of it consolidating operations and were not in response to low Canadian oil prices.

Canadian crude prices are currently about US$32 per barrel lower than West Texas Intermediate, the US benchmark, cutting into the profits of the country's oil producers.

TAQA North is the second Canadian oil company to announce job cuts in less than a week. Talisman Energy Inc said last week it is cutting an unspecified number of jobs as it tries to reduce its CA$1.3bn (US$1.29bn) in overhead and staff costs by a fifth.

Leroy McKinnon, a spokesman for TAQA North, said the company is streamlining its operations into a single structure that will oversee all its business units instead of being organized on a regional basis.

"We had a north asset, a south asset and a central asset," he said. "Our leadership wanted go to more of a functional structure."

Employees were informed of the layoffs last week.

Related:

Market Performance

Abu Dhabi National Energy Company
1.26
0.03 2.44 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Back in business

Back in business

Iran’s tankers are back on the oceans as sanctions on the Islamic...

A new future for Saudi Arabia?

A new future for Saudi Arabia?

The vast Wadd Al Shimal phosphate mine in the north of Saudi...

Will shale shake the Middle East?

Will shale shake the Middle East?

The debate over shale’s impact on the GCC continues. Will this...

Most Discussed
  • 53
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams