Friday morning, employees at US oil company Conoco Phillips' Norwegian unit received notice of a coming lay-off round.

During the company's digital annual general meeting, Conoco Phillips Managing Director Norway Steinar Våge informed of significant impending cost reductions, including cutting back on the number of onshore staff, reports Norwegian media E24.

In Norway, roughly 950 employees working at the main domestic office in Tananger will reportedly be affected.

"Onshore staff are as of today offered the chance to apply for severance packages. The reason for this is that Conoco Phillips has evaluated various measures to reduce expenses. The objective is to reduce the number of personnel by approximately 20 percent," says Conoco Phillips Communications Director Elisabeth Fiveland, E24 writes citing compatriot media Aftenbladet.

The company has also initiated a global savings program, with Fiveland saying Norway isn't alone in seeing job cuts.

Severance packages will weigh age and seniority as criteria for compensation levels. The current offer is valid until late summer this year.

English Edit: Daniel Frank Christensen

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