EnergyWatch

Company man says 'we can work it out' as Statoil cuts back

Eldar Saetre became CEO of Norway's Statoil a few months after the oil price began its decline. Since then, he has reduced spending by almost 50 percent from a peak USD 20 billion in 2014.

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Ørsted and Petro Vietnam form offshore wind partnership

"Today’s inaugural agreement between Ørsted and PTSC M&C demonstrates another step forward in our ambitions to collaborate closely with local suppliers to kick-start Vietnam’s new offshore wind industry,” says Ørsted Vietnam Country Manager Sebastian Hald Buhl.

Further reading

Related articles

Latest News

See all jobs