Nostra Terra Oil and Gas Company plc announced Friday that it has achieved a 40 percent year on year reduction in combined running costs, in response to the market downturn.
The company’s board began its cost cutting initiative in mid-2015, in anticipation of further pressure on the price of oil over the course of 2016. A core component of the cost-cutting initiative has been for the board to take a voluntary 25 percent pay cut.
“In light of ongoing weakness in the oil and gas market, which has caused significant declines in company share prices across the sector, the board felt that this was an appropriate step to take,” said a company statement on Nostra Terra’s website.
"We're pleased to have achieved a significant cut in costs during such a severe downturn in the commodity cycle. We'll strive to keep cost low while our focus remains on increasing production and revenues," said Matt Lofgran, CEO of Nostra Terra.
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