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Gold and Silver Volatility at Decade Lows

Gold and Silver Volatility at Decade Lows

Despite signs of inflation pressures…

Statoil Offers Severance Packages To All Employees

Statoil informed its employees via its companywide intranet that all employees would receive an offer to apply for severance packages, according to a report by The Norway Post. 

Previously, Statoil has allowed only specific departments or select groups of employees to sign up to get fired and receive their due severance; however, the offer has now been extended to all of the Norwegian company’s staffers.

The firm, which currently employs 22,000 in 38 countries around the world, plans to cut its staff by 1,500 employees by the end of this year. An additional 500 temporary employees will lose their jobs by the end of 2016 as well.

A total of 1,900 Statoil workers lost their jobs in 2014, when the oil price crisis first began.

Statoil saw $913 million in profits during the second quarter of 2016 – a decrease of almost 70 percent, year-over-year. Still the firm has been active in pursuing new, low-cost crude production opportunities.

Norway’s largest oil and gas major recently sealed the deal on a $2.5 billion lease on the Carcara offshore field in Brazil, and last week Statoil announced that it had managed to shrink production costs at its Johan Sverdrup discovery to $25 a barrel by cutting costs and revising output projections upwards. The new figures cut the costs of the first phase of the field’s development by a fifth to $12 billion, while expected daily outputs for the first phase spiked to 440,000 barrels per day, from 315,000-380,000 bpd.

By Zainab Calcuttawala for Oilprice.com

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  • Bill on September 07 2016 said:
    #1: Statoil did not make almost a billion in profit last quarter. I believe it had a net loss of ~$26 mn

    #2: This claim of company wide severance offerings is simply false, and frankly wouldn't make sense

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