Norwegian energy company Statoil said Thursday it was changing how it does business in an effort to save capital for future growth.

The company said it was changing its structure and operating model in part by consolidating operations in central and northern Norway into one entity dubbed Operations North.

"The Norwegian Sea and the Barents Sea are two of Statoil's core regions, with considerable activities and large frontier areas with a long-term potential," it explained. "By combining the expert communities in both regions, the goal is to capture synergies, cost savings, and deepen our position for future business opportunities."

The low price of oil is forcing most energy companies to spend less on exploration and production, a market situation reflected in low rig numbers. Statoil said it spent $355 million on exploration in the first quarter, down from the $433 million spent during the first quarter of 2014.

Low oil prices also mean lower earnings and for Statoil, first quarter earnings of $3 billion was about half as much as reported for first quarter 2014.

Statoil's restructuring coordinated some operations into a single research and technology unit.

"We need to continue our efforts to increase efficiency and reduce costs. Our aim is to become a more cost efficient and fit for the future organization," President and Chief Executive Officer Edlar Saetre said in a statement. "These changes will support this ambition by reducing organizational complexity, clarifying roles, utilizing people resources more efficiently and strengthening line accountability."

For an undisclosed sum, the Norwegian energy company said in early June it sold its head office building to U.S. real estate investment firm Colony Capital, Inc. The property was valued at more than $320 million and, in exchange for the sale, Statoil said it signed a 15-year lease with the new owners.