According to Bloomberg Abu Dhabi’s Taqa has had to lay off 22% of its oil and gas jobs over the past year, with spending to be cut by 2.5b dirhams ($681m) this year after. The reported cause, made by Taqa in an emailed statement, was oil prices

As it stands Taqa has a net debt of 71.9b dirhams, 84% of net capital, only refinancing a $3.1b 5-year credit facility recently.

Reuters reports that Taqa achieved a net loss of 421m dirhams ($114.7m) in the second quarter, even after the company already cut oil and gas headcount by 22 beginning July 2014.

Nonetheless, the firm announced that it was poised to reach its targeted 1.5b dirhams annual savings by end of this year.