Norwegian state-controlled Statoil is increasing efforts to boost efficiency and resilience to lower oil prices.The firm is creating a new position of chief operating officer,with Anders Opedal,a senior vice-president of projects in Statoil’s technology,projects and drilling division, to assume the role from 1 April. Statoil has cut capital expenditure this year and raised its savings target by 30pc to$1.7bn/yr from 2016,compared with plans outlined before a 50pc fall in oil prices since mid-2014(WPA,13 Febru-ary,p5).The firm aims to reduce by$30/ bl the level at which it is cash flow neu-tral.“I want Anders to lead the process of reviewing the corporate operating model with emphasis on simplification and effi-ciency,”chief executive Eldar Saetre says.
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