Norwegian energy giant Equinor has decided to reduce its exploration staff by 30 per cent as the Covid-19 pandemic reduces oil demand.
In a statement sent to Offshore Energy, a spokesperson for Equinor said the planned reduction in positions in Equinor’s exploration organisation is around 30 per cent and it will affect both international locations and Norway.
Over a period of several years, and in line with industry trends, Equinor has considerably focused its global exploration efforts.
Global exploration spending has been reduced and Equinor is today spending about 1/3 on exploration compared to what it did 6-7 years ago.
The spokesperson said that Equinor’s exploration strategy entails a sharper focus on Norway, Brazil, US and some other well-established international markets for the oil and gas industry.
For 2020, Equinor expects to drill around 30-40 wells globally, and this announcement does not affect the planned activity level for 2020 and 2021.
“We will continue to deliver on a strong well program, both on the NCS and internationally”, the spokesperson concluded.
When it comes to spending, Equinor in March said it would reduce organic capex for 2020 from $10-11 billion to around $8.5 billion, a reduction of around 20 per cent, reduce exploration activity for the year from $1.4 billion to around $1 billion, and reduce operating costs by around $700 million compared to original estimates.
Tags Equinor (Statoil) Norway Offshore Energy
Check Also
Saudi Arabia may Cut December Oil Prices for Asia
Top oil exporter Saudi Arabia may cut prices for most of the crude grades it …