Norwegian vitality large Equinor has determined to cut back its exploration employees by 30 per cent because the Covid-19 pandemic reduces oil demand.
In an announcement despatched to Offshore Energy, a spokesperson for Equinor stated the deliberate discount in positions in Equinor’s exploration organisation is round 30 per cent and it’ll have an effect on each worldwide places and Norway.
Over a interval of a number of years, and in step with trade tendencies, Equinor has significantly targeted its world exploration efforts.
Global exploration spending has been decreased and Equinor is in the present day spending about 1/three on exploration in comparison with what it did 6-7 years in the past.
The spokesperson stated that Equinor’s exploration technique entails a sharper concentrate on Norway, Brazil, US and another well-established worldwide markets for the oil and fuel trade.
For 2020, Equinor expects to drill round 30-40 wells globally, and this announcement doesn’t have an effect on the deliberate exercise stage for 2020 and 2021.
“We will proceed to ship on a powerful properly program, each on the NCS and internationally”, the spokesperson concluded.
When it involves spending, Equinor in March stated it might scale back natural capex for 2020 from $10-11 billion to round $eight.5 billion, a discount of round 20 per cent, scale back exploration exercise for the 12 months from $1.four billion to round $1 billion, and scale back working prices by round $700 million in comparison with unique estimates.
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