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Statoil looking to save USD 5 billion with new cost reductions

According to an internal memo from Statoil, which Bloomberg is in possession of, the oil giant plans to perform significant cost reductions related to field development and employees, and the company thus plans to generate USD 5 billion extra ahead of 2020 by cutting costs.

Photo: Harald Pettersen - Statoil

Following a year with significant cost reductions, oil giant Statoil is now setting the stage for further cuts, according to an internal memo that Bloomberg is in possession of, which shows that the company plans to generate USD 5 billion ahead of 2020 by cutting costs.

Bloomberg reports that this goal will be achieved by reducing investments in development and production fields by as much as 25 percent compared to 2013, while 20 percent of the company's "technical staff" will be eliminated and operating costs will be trimmed by 15 percent.

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