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Statoil to cut 2.4k jobs on falling oil prices
(MENAFN) Statoil said it could cut 2,400 jobs in May, nearly 11 percent of the total workforce, as the Norwegian oil giant cuts costs following the plunge in global oil prices, The Peninsula Qatar reported.
The cuts would hit engineering staff, particularly those drilling and maintaining wells, as well as administrative staff, which comes as part of a program to generate USD1.7 billion in annual saving from 2016.
"We are working on reinforcing the productivity within the company and that could have consequences in terms of jobs but it is too early to speculate on their number," Statoil spokesman said.
The cuts would hit engineering staff, particularly those drilling and maintaining wells, as well as administrative staff, which comes as part of a program to generate USD1.7 billion in annual saving from 2016.
"We are working on reinforcing the productivity within the company and that could have consequences in terms of jobs but it is too early to speculate on their number," Statoil spokesman said.
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