Abu Dhabi-Mubasher: Abu Dhabi-listed Dana Gas said that the decision to reduce administrative and general costs, and workforce in its head office was made in October 2015 as a precautionary measure to control costs at a time when oil prices plunged 75% during one year, according to a bourse filing on Thursday.
The statement added that those measures have not resulted in any negative impact on the company or its operations.
Dana Gas’s CEO Patrick Allman-Ward said earlier that the company intends to slash its employees by 40% in head office and cut general and administrative expenses by 50%.
