Another job cut alarm sounds in Statoil

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Norwegian oil company Statoil may need to cut as many as an additional 500 jobs, reported newspaper Stavanger Aftenblad on Monday. The cuts would come on top of the more than 2,000 positions to be eliminated by the end of this year.

The newspaper noted, however, that attrition through retirement may offset the number of job cuts the company believes are needed on oil platforms. Retiring workers aren’t likely to be replaced.

Statoil itself denied tbe company will need to lay off more people this year, but reportedly has made a new evaluation that raises the possibility of 400 to 500 new job cuts in the years ahead. The cuts are a result of low oil prices that have prompted oil companies to dramatically cut back on exploration and other investments in new oil production. staff