Norwegian oil, gas company to cut 1,500 jobs

Statoil announced it will cut as many as 1,500 jobs and 500 consultants as the Norwegian state-controlled oil and gas company steps up its cost-saving program.

According to Financial Times, the moves would save the company $1.7 billion annually starting next year.

Two-thirds owned by the Norwegian government, Statoil has already cut 1,340 employees and 995 consultants in the past 18 months.

Read more from Financial Times.