EnergyWatch

Company man says 'we can work it out' as Statoil cuts back

Eldar Saetre became CEO of Norway's Statoil a few months after the oil price began its decline. Since then, he has reduced spending by almost 50 percent from a peak USD 20 billion in 2014.

Facing the worst market slump in a generation, Norway's biggest oil producer turned to a company veteran who likes to joke about his roots in a fjord-strewn district known for its penny-wise inhabitants.

Since becoming chief executive officer of Statoil ASA a few months after crude prices started to slide, Eldar Saetre, 60, has reduced spending at the state-controlled giant by almost half from a peak of USD 20 billion in 2014. That's the deepest cut among European oil majors.

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