Tougher sanctions on Russian energy-related businesses loom.
The Norwegian oil and gas firm will be cutting employees in those countries by 20% and contractors by about 50%.
Opedal, who had been the company's head of technology, projects and drilling, takes the big chair on Nov. 2.
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Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake. Operating primarily on the Norwegian Continental Shelf, the firm produced 2.1 million barrels of oil equivalent per day in 2020 (54% oil) and ended the year with 5.3 billion barrels of proven reserves (51% oil). Operations also include oil refineries and natural gas processing, marketing, and trading.
| Website: | www.equinor.com |
| Email: | phutt@equinor.com |
| Main Phone: | +47 51990000 |
| Address: | Forusbeen 50 |
| City / Town: | Stavanger |
| Country: | NO |
| Postal Code: | N-4035 |
| Exchange: | NYE |
| CEO: | Anders Opedal |
| Employees: | 21245 |
| NAICS: | Crude Petroleum and Natural Gas Extraction(211111) |
Tougher sanctions on Russian energy-related businesses loom.
The Norwegian oil and gas firm will be cutting employees in those countries by 20% and contractors by about 50%.
Opedal, who had been the company's head of technology, projects and drilling, takes the big chair on Nov. 2.
The world’s top seven energy firms raised $60 billion in debt in the second quarter, nearly half of the $132 billion in sector borrowing during the period.
Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak, betting the global crisis will severely damage fossil fuel demand
The cuts are expected to boost Shell’s cash generation by $8 billion to $9 billion on a pre-tax basis.
The slide will force a rethink of spending plans by boards that had cut costs in response to a 2014 oil downturn.
New CEO Bernard Looney begins the biggest revamp in the firm's 111-year history.
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