* Lays off 50 of 950 employees
* Says staff cuts come as it revamps operating structure
CALGARY, Alberta Jan 28 The Canadian unit of
Abu Dhabi National Energy Co 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 $32 per barrel
lower than West Texas Intermediate, the U.S. 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 C$1.3 billion ($1.29 billion) 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
"We had a north asset, a south asset and a central asset,"
he said. "Our leadership wanted go to more of a functional
Employees were informed of the layoffs last week.