Sector News

Statoil Cutting up to 1,500 Permanent Jobs

June 16, 2015
Norway’s Statoil launched the next phase of its efficiency program on Tuesday, announcing it would cut between 1,100 and 1,500 permanent employees by the end of 2016 as it looks to increase efficiency and strengthen competitiveness.
The oil and gas major said a further 525 consultant positions will also be cut, while additional changes to the organization will be presented by the end of the month.
A more accurate number of the total job losses, and where in the group the cuts will take place, will be decided between August and November, it said.
“We regret the need for further reductions, but the improvements are necessary to strengthen Statoil’s competitiveness and secure our future value creation,” said Chief Operating Officer, Anders Opedal.
The company initiated a cost improvement and capital expenditure program in 2013 to address industry-wide cost and competitiveness challenges, aiming to save $1.7 billion annually from 2016. It has so far reduced the number of permanent employees by 1,340 positions along with 995 external consultants.
By Dominic Chopping

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