JOB cuts in exploration teams at oil and gas companies operating off Norway are set to deepen significantly amid a dearth of drilling activity due to dire market conditions. Exploration drilling in Norway this year has dropped from 50 to 30 exploration wells following the Covid-19 pandemic and low oil prices. A generous tax relief package, approved by parliament in June does not appear to have had any positive effect on drilling activity. Multiple sources within the exploration departments of companies operating in Norway have told Upstream their employers have made, or are planning to make, deep cuts in their exploration teams. Sources in the exploration sector told Upstream that the leading player on the Norwegian continental shelf, Equinor, is expected to start making cuts in this department after the summer.
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