Oil & Gas

Dana Gas to cut costs and jobs by half at Head Office, will continue to invest in Egypt

Dana GasAbu Dhabi-listed Dana Gas aims to slash its head office workforce by 40 percent and cut general and administrative costs by half between 2015 and early 2016, its chief executive said on Tuesday.

The energy company will continue to invest in Egypt and sees its production in the country increasing, Patrick Allman-Ward told reporters on the sidelines of a conference in Abu Dhabi.

Dana produces 34,000 barrels per day of oil equivalent in Egypt, Allman-Ward said, adding its Balsam field in the Nile delta came on stream in late 2015.

The company has operations Egypt, the United Arab Emirates and Iraq’s Kurdistan region.

(Source: Reuters)

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