Norwegian Equinor to cut exploration staff by 30%

Norwegian Equinor to cut exploration staff by 30%

Norwegian Equinor to cut exploration staff by 30%

OSLO (Reuters) – Norwegian oil and gas company Equinor plans to cut its exploration workforce by about 30% globally by 2023 to lower costs amid falling oil demand due to the coronavirus pandemic, the company said on Friday.

Equinor said it wants to focus on specific areas when looking for hydrocarbon deposits, including Norway, Brazil and the United States.

The job cuts will affect “hundreds of positions” by the end of 2022, both internationally and in Norway, but will not have an immediate impact on exploration plans, Equinor spokesman Eric Holand said in an email.

“In 2020, we plan to drill about 30-40 wells worldwide, and this announcement will not affect the planned level of activity for 2020 and 2021,” he added.

Norwegian news site E24 was the first to report on the company's plans to cut staff.

(Nerijus Adomaitis; Translated by Caleb Davis. Editor Marina Bobrova)

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