Abu Dhabi's ADNOC cutting thousands of jobs: industry

Abu Dhabi's oil giant ADNOC is cutting thousands of jobs as it vies to cut costs to cope with a sharp drop in oil revenues, industry sources said today.
"Thousands of staff at ADNOC and its affiliates" are affected, said one source in the industry, asking not to be named.
ADNOC has "asked its affiliates to cut costs", said the source, pointing out that job cuts are the obvious outcome "as more than half of the operating cost is that of the staff".
A source at ADNOC confirmed the job cuts but did not want to comment on actual figures.

An Abu Dhabi lawyer confirmed dealing with cases of scores of ADNOC employees who have lost their jobs.
A spokesperson from the group told AFP that "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," said the spokesperson in an emailed statement.
According to its website, ADNOC manages and oversees oil production of more than 3.15 million barrels per day.
Abu Dhabi controls the bulk of the oil wealth of the United Arab Emirates which ranks sixth largest among the reserves of members of the Organization of the Petroleum Exporting Countries.

Oil exporting countries have been hit by a sharp decline in their revenues as crude prices tumbled from record levels registered in mid-2014.