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02.10.2020

Equinor to reduce size of its exploration team by 30%

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The planned reduction will not have an immediate impact on exploration plans

Stocks impacted: Equinor (EQNR)

Norwegian energy giant plans to cut its exploration staff by about 30% globally by 2023 to reduce costs, citing the COVID-19 pandemic that reduces demand for petroleum. Still, the planned reduction will not have an immediate impact on exploration plans (for 2020 they expect to drill around 30-40 wells globally). Equinor has previously said it planned to spend $1.1 billion on exploration in 2020, down from an original plan of $1.4 billion detailed earlier this year. As a reminder, the company has 43 workers on strike at the Johan Sverdrup field after wage talks failed between the Lederne trade union and the Norwegian Oil and Gas Association (NOG). Statoil stocks closed 1.5% lower on October 1.

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