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Statoil to Deepen Cost Cuts to Make Extra $5 Billion in Cash

Statoil ASA, Norway’s biggest oil company, is preparing to deepen cuts to investment, operating expenses and staff in a bid to generate an extra $5 billion of cash a year.

The state-controlled explorer wants to meet that target for additional pretax cash flow by 2020 by reducing capital expenditure by as much as 25 percent compared with 2013, trimming operating costs by 15 percent and eliminating 20 percent of its technical staff, according to internal documents seen by Bloomberg News.