Norwegian energy giant Equinor is preparing for substantial workforce reductions that could eliminate over 5,000 positions by 2030. CEO Anders Opedal revealed the company is undergoing two major strategic transformations that will reshape its operations.
The first initiative involves rebranding Equinor's renewable energy division as 'Power' starting in November. The second focuses on improving efficiency across the company's Norwegian continental shelf operations.
Opedal anticipates annual workforce reductions of 3-5% among Equinor's 25,000 employees through 2030. This translates to potentially more than 5,000 job losses over the coming years.
The company cites natural attrition through retirements as a key factor in these reductions. Many senior workers are approaching retirement age, and Equinor has already begun recruiting replacements for critical roles.
'We've recognized that many experienced senior employees will retire in the coming years,' Opedal explained in an interview. 'We're recruiting to replace this expertise, but we won't bring in new staff when people retire normally. Combined with portfolio adjustments, we expect 3-5% fewer employees each year.'
Equinor has maintained a near-total hiring freeze since May, according to company officials. The energy company is restructuring how it operates, organizes its workforce, and manages work processes.
This workforce reduction reflects the broader transition challenges facing traditional energy companies as they shift toward renewable power sources while maintaining profitability.
What does this mean for Norway's energy sector? The country's largest employer is clearly preparing for a leaner future, balancing its oil and gas heritage with renewable ambitions.