Statoil's massive restructuring on track for 2001 completion

The top-to-bottom restructuring that state-owned Norwegian oil and gas giant Statoil AS launched 3 years ago is on track to be completed by yearend.Statoil CEO Olaf Fjell, speaking at the Institute of Petroleum's IP Week conference late last month, said the company expects to meet targets set as part of its four-pronged "strategic response" to its profit-damaging overexpansion during the 1990s "on time."Statoil's 1998 strategy-aimed at "concentrating and consolidating" the company's business-entailed selling down its portfolio of oil and gas assets by 24%, cutting costs by 20% and staffing levels by 10%, "focusing" growth, and "improving management systems.""As to the restruct...

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