(OFFSHORENO) The crisis-ridden oil company Noreco must implement drastic cost cuts, it emerges in a statement Wednesday.

The company writes that it wants to limit the financial obligations, particularly the exploration costs.

Noreco also writes that about half of the 30 employees lose their jobs in the company.

It’s sad, but there is little way around it. Many other oil companies have already cut, and after restructuring earlier this year has been no secret that the activity must be cut in Noreco, says chairman Nigel Christine Augustson to pursuits .

When cuts are made, the Noreco’s costs be about half of what they were at the beginning of 2015.

On Wednesday, the company also that it has sold two licenses, including its 15 percent Oselvar field, to Cape Omega 201 million.

Source: OET.com