OSLO: Statoil is sticking to its 2016 cost-cutting plans and has no public cost-saving target for 2020, it said after Bloomberg reported the Norwegian oil major plans to cut costs to generate an extra $5 billion a year by 2020.
"This (report) is based on internal working documents," Statoil communications chief Jannik Lindbaek said on Thursday. "(The documents) cover some early scope and ambition ... and the efficiency programme work that we do."
Lindbaek said the documents seen by Bloomberg are genuine but date back to prior to the firm's capital markets day held on February 7, when Statoil published new financial targets.
In that presentation Statoil said it would cut costs with the aim of saving an annual $1.3 billion from 2016 without releasing a 2020 target.
The firm declined to say if the early plans for cost savings by 2020 had been discarded in favour of the 2016 target that was published, or if the 2020 figures represent internal planning.
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