Statoil to cut up to 1,500 jobs

Norwegian energy company Statoil is to cut as many as 1,500 jobs by the end of next year. It will also reduce the number of consultants by 525 as the […]

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By Priyanka Shrestha

Norwegian energy company Statoil is to cut as many as 1,500 jobs by the end of next year.

It will also reduce the number of consultants by 525 as the company plans to cut costs by $1.7 billion (£1.2bn) every year from 2016.

The news comes as the firm battles low oil prices and reduced margins.

Since 2013, Statoil’s workforce has been cut by more than 1,300 permanent employees and 995 external consultants.

Anders Opedal, Executive Vice President and Chief Operating Officer said: “We regret the need for further reductions but the improvements are necessary to strengthen Statoil’s competitiveness and secure our future value creation.”