Equinor cuts 30 percent of employees in exploration business – E24

“They have been difficult decisions to make, because they have consequences for many people in the dense Exploration community. At the same time, we need to strengthen our competitiveness.”

This is stated by Acting Executive Vice President Tore M. Løseth at Exploration in an internal message sent after the general meeting.

E24 has obtained access to the report, where Equinor emphasizes that they drill fewer wells than before and invest much less in oil exploration and that, therefore, they want to be more efficient “based on the current level of activity.”

“Several hundred” ago

The cuts mean that the global workforce in Equinor’s exploration activities will be reduced by “approximately 30% by the end of 2022.”

Press spokesperson Erik Haaland at Equinor confirms the cuts when E24 contacted the message.

– How many is 30 percent?

– We do not want to go into specific figures. We’ve set the percentage in the message, and then the process will control what number we end up with, says Haaland.

– But are there hundreds? Several thousand?

– So we don’t want to say a number, but I can say that we are talking about several hundred positions.

E24 was in contact with several employee representatives Thursday night, but was unable to get anyone to comment on the cuts.

Relocate Norwegian employees

Equinor describes oversized cuts in the US and UK, with a reduction in the workforce of around 50 and 60 percent, respectively.

Here in Norway, the oil giant announces a 30 percent cut in the workforce at Exploration.

“The aim is to handle these reductions in the best possible way, in accordance with local requirements. Employee representatives and safety representatives have been involved in the project, and the UK Labor Council has also been informed. “Equinor writes in the internal report.

– Do you want to use layoffs or severance payments?

– This will vary from place to place. In Norway, we prioritize wear and tear and relocation to other parts of Equinor’s business. In other areas, there will be final packages, Haaland says.

In the internal report, the head of Leting states that the business has always been important for the creation of value at Equinor.

“It still is and will continue to be. Our clear ambition is to retain a highly qualified and capable exploration organization with a mandate to continue to shape our focused oil and gas business, delivering high-value barrels that can be produced with lower emissions.” says Løseth.

Equinor’s 2020 exploration program consists of a portfolio of 30 to 40 wells, the company says.