Equinor shaves 30 percent off exploration budget

Over the next few years, roughly one third of the Norwegian oil giant's staff positions within exploration will be cut, writes media.

Equinor's newly appointed Group CEO, Anders Opedal, could have a smaller exploration budget at his command from 2023. | Photo: PR / Equinor

Equinor's business is in line for some trimming, and the group's management thus plans to shave off 30 percent of its global exploration division ahead of 2023, reports Norwegian media E24.

"These have been difficult decisions to make, because they will have consequences for many people across the group's exploration operations. At the same time, it's important for strengthening our competitiveness," says Equinor Executive Vice President of Exploration Tore M. Løseth.

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