During the [past] nine months, TAQA undertook a significant structural reorganization aimed at maximizing efficiencies and positioning the business to become a leading intermediate energy company in North America. As part of this process, overall staff count was reduced by 162, whilst delivering the same activity through a simpler organisation. Many of these employees have been redeployed to TAQA’s global operations, principally in the Kurdistan region of Iraq.
This programme is contributing to the bottom line, with an approximate annual saving of AED 100 million in general and administrative costs and AED 20 million reduction in operating expense. At the same time, production increased safely and reliably to 87.5 mboed from 85.9 mboed.
The pricing environment continues to improve, although prices softened during Q3 in line with the usual seasonal dip in prices as demand transitions from summer to winter.