Equinor CFO on Coronavirus, Oil Prices
CALGARY - The Canadian arm of Norwegian oil giant Equinor ASA says it has closed its downtown Calgary office and is moving staff to St. John's, N.L., to better focus on offshore East Coast operations after selling its Alberta oil sands interests in 2017.
The Stavanger, Norway-based company, formerly known as Statoil, says the office consolidation will result in a reduction of about 30 per cent of its 120 Canadian staff in both St. John's and Calgary.
Spokeswoman Alex Collins says Equinor made the decision to consolidate offices last summer in order to improve organizational efficiencies.
She says it will maintain a small downstream commodity marketing and trading business in Calgary.
Equinor sold its Leismer thermal oil sands project and its proposed Corner oil sands project to Calgary-based Athabasca Oil Corp. in 2017 for $435 million in cash plus 100 million Athabasca shares, along with up to $250 million more in contingent payments based on future oil prices.
Equinor is operator of seven discoveries offshore Newfoundland and has working interests in the Terra Nova, Hebron and Hibernia producing projects there.