Facing the worst market slump in a generation, Norway's biggest oil producer turned to a company veteran who likes to joke about his roots in a fjord-strewn district known for its penny-wise inhabitants.
Since becoming chief executive officer of Statoil ASA a few months after crude prices started to slide, Eldar Saetre, 60, has reduced spending at the state-controlled giant by almost half from a peak of USD 20 billion in 2014. That's the deepest cut among European oil majors.
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