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MIGHT BE OF INTEREST FOR OIL AND GAS PEOPLE,

(105555)
   User_19762®
Thursday, September 1, 2016 01:46 PM 
Reply: >
ADNOC issued MEMO for LAY OFF PLAN COMING IN FEW DAYS:

ADCO : 750
NDC : 150
ADMA : 550
NPCC : 250
ZADCO: FIGURE around 200 not confirmed

ADMA / ZADCO ist merger meeting next week.
User_G7722® replied on Thursday, September 1, 2016 03:36 PM 

Sad, very sad, very much sad.
- Saudi already did this & still continue
- Qatar already did this & still continue
- Kuwait also did their part of lay-offs
- Now UAE heading for big lay-off.

Sad part is that these guys will not get anything back in country - no social security, no pension, no employment. Sad.
Nadeem replied on Thursday, September 1, 2016 03:46 PM 

ADNOC already terminated 5000. This is new list. Contractors linked to oil business are terminating also.
Jawad Rizvi replied on Thursday, September 1, 2016 06:04 PM 

Not companies are only laying off employees but to those who they want to retain, the companies are either increasing their on duty days by deducting off duty days or they are exploiting the employees to work with 20%-40% less salary. One the other hand if we analyze, this is the golden period for the main operator companies to get their wells drilled in less cost and may make the reserved well operative once the oil crisis is over so they can earn handsome profit.
User_9325® replied on Thursday, September 1, 2016 06:23 PM 

oil will not bounce back. it will hover around 50 dollars. the two biggest consumers of oil China and US have become exporters. plus Iranian oil coming into market with Opec not reducing output to mainatin market share will now keep oil at this level Insha Allah which is good for pakistan as we are consumers
AhmetKildir® replied on Friday, September 2, 2016 02:00 AM 

http://www.cnbc.com/2016/08/29/oil-prices-essentially-going-nowhere-until-next-year-clipperdatas-smith-says.html
Nadim replied on Friday, September 2, 2016 03:58 AM 

The reasons that cause oil prices down still there e.g. regional turmoil & oil export from Iraq on black market rates, Iran vs KSA tension etc. Last but not the least world is moving towards renewable energy. Investors started to invest in that sector. One of example is Rockefeller family who pulled all shares out from oil companies and invested in that sector. Pakistan's property is strongly linked with ME countries. Majority of Pakistanies work there. ADNOC generate 70% wealth of UAE. 99% companies in Abu Dhabi are doing business with ADNOC. Same case with ARAMCO that is country within country. Remittance will fall further this year. Conditions are tough, I strongly advise hold your cash & wait further before buying property. Prices will fall.
RAPak® replied on Friday, September 2, 2016 06:19 AM 

Same in Oman,
There are four international companies. All four have deducted employees salaries from 5% to 25%.
And employees termination is also still under consideration, If PDO will not release the projects.
Nabeel® replied on Saturday, September 3, 2016 06:08 AM 

The current oil scenario will become a permanent reality and a new paradigm shift, until and unless new demand is created somehow or all producers agree to cut production. Saudi attempts to take out US production have not had the success that they planned.

I am foreseeing q continuing very bloody next 12 to 18 months at the very least.
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