Norway's Statoil to cut up to 1,500 jobs by end 2016

OSLO: Norwegian energy firm Statoil plans to cut between 1,100 and 1,500 jobs by the end of 2016 and reduce the number of its external consultants by 525, it said on Tuesday, as it battles low oil prices and shrinking margins.

"We regret the need for further reductions, but the improvements are necessary to strengthen Statoil's competitiveness and secure our future value creation," the firm said in a statement.

Statoil employed 22,516 permanent employees at the end of 2014.