Oil and gas: Statoil to cut up to 2,000 staff, consultants

Associated Press

Statoil to cut up to 2,000 staff, consultants

STOCKHOLM (AP) — Norwegian oil and gas company Statoil says it will lay off up to 1,500 staff and 500 consultants by the end of 2016 to slash costs.

The state-controlled company said Tuesday the layoffs are a continuation of a cost-cutting program started in 2013, "well ahead of the current downturn" and the slump in the oil price.

Chief operating officer Anders Opedal called the reductions necessary "to strengthen Statoil's competitiveness and secure our value creation."

The program is designed to yield $1.7 billion in annual savings starting in 2016.

Norway's offshore oil and gas industry has come under pressure from the sharp drop in oil prices, with thousands of workers already laid off.

The industry accounts for more than half of Norway's exports and 80 percent of the government's income.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs