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.

BY KATRINE GRØNVALD RAUN

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.

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