STATOIL: DOUBLE ERROR
After the failure of its risky exploration strategy this year, Norwegian oil firm Statoil is cutting costs as fast and deep as it can to preserve cash for dividends - and may be jeopardising future production in doing so, industry insiders say.
Statoil took a big gamble by committing major resources to what it hoped would be new discoveries in Angola, the Norwegian Arctic and the U.S. Gulf of Mexico. They all failed, leaving two Tanzanian gas fields its only major finds in 2014.
With no new prospects to drill, and a 35 percent drop in the price of oil since June, the company is now paying hundreds of millions…
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