Editor’s Picks 13 April 2015 at 12:54 GMT

Statoil could cut over 10% of jobs

AFP
Statoil could shed 2,400 jobs in May, or nearly 11 percent of the total workforce, as the Norwegian oil giant cuts costs following the plunge in global oil prices, an Oslo business daily reported Monday. The cuts are part of a programme to generate $1.7 billion in annual savings from 2016 that Statoil announced last year when oil prices were still above $100 per barrel. Oil prices have since fallen to under $50 per barrel, pushing energy companies to accelerate cost-cutting measures and suspend or scale back investment.
Read full article at AFP

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