The CFO of Statoil has defended the company's plans to slash spending, a day after Norway's central bank warned of a 10 percent drop in oil investment.
Torgrim Reitan said that despite Statoil's reduction in capital expenditure (capex), the company was still investing at record levels.
"This is not putting the brakes on, this is about growing slower than what we had said earlier," he told CNBC.
"We are prioritizing in our investment opportunities and streamlining the way we are investing. It is not stepping on the brakes, we are taking the foot a bit off the accelerator."