For Statoil, $7 Billion Spending Cut Leads Home to Norway
- Norway's share of investments rises to 55% from 40% in 3 years
- Company's international production fell for first time in 2015
Statoil CEO: We're 'Deeply Committed' to Dividend
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Statoil ASA’s investment cuts in response to the crude-price rout have sent shock waves through Norway’s oil industry, but it’s the company’s international operations that are paying the bigger price.
As painful as the company’s billions of dollars of cuts are for Norway, where it operates more than 70 percent of production, they’ve actually raised the share of total investments that Statoil makes in its home country. At the same time, an international expansion that’s defined the company for the past decade is slowing.