• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 3 hours Shale Oil will it self destruct?
  • 10 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 2 days NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 3 hours Migration From Eastern Europe Raises German Population To Record High
  • 5 hours Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 15 hours Germany exits coal: A model for Asia?
  • 1 day Carrot And Stick: North Korea Suggests It Might Lift Weapons Test moratorium
  • 3 hours Washington Post hit piece attacking oil, Christians and Trump
  • 1 day South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 12 hours Starlink Internet Courtesy of Tesla
  • 16 hours A Silence is heard
  • 2 days U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
IEA: Huge Oil Glut Coming In 2020

IEA: Huge Oil Glut Coming In 2020

While oil supplies are set…

Why Oil Tankers In The Middle East Shouldn’t Hire Mercenaries

Why Oil Tankers In The Middle East Shouldn’t Hire Mercenaries

Shipping companies sailing through the…

Is Norway The New France? Planned Offshore Oil Strikes Could Hit Shell Hard

Shell Employees

As oil investment in Norway is projected to drop again in 2017 for the third year in a row as low oil prices hammer the industry, the specter of a massive offshore workers’ strike looms large.

Talks with Wood Group over pay and working conditions have broken down, after failure to reach an agreement when the energy services company proposed pay cuts of 22-30 percent.

The Unite union is now balloting hundreds of workers for a strike vote for a strike that would affect eight North Sea oil and gas platforms run by Royal Dutch Shell.

Related: Why Chevron Invests $37B In The World’s ‘’Most Difficult Oil’’

Media quoted Unite officer John Boland as saying: “Nobody here wants to take industrial action but Wood Group is being unreasonable – pay cuts of up to 30 per cent are totally unjustified and we won’t stand for it.”

This comes as oil companies in Norway are expected to spend only US$18.5 billion next year, down 7.6 percent expected this year, according to Statistics Norway, which noted that the “fall is dominated by decreases within exploration, field development and fields on stream”.

While it does show a slowdown in the rate of growth, keeping in mind that investment for 2016 had dropped 14.8 percent, the situation has also led to a marked increase in labor disputes in the country.

Related: Wave Of Profit-Taking Keeps Oil From Breaking Out

Labor disputes have tripled since oil prices began to slump in mid-2014, according to Energy Voice, citing Norwegian media reports.

In the meantime, Russian Gazprom is said to be considering acquiring a stake in OMV Norway in connection to a swap agreement signed by Gazprom’s Norwegian subsidiary and OMV in April. If talks lead to a deal, OMV would have acquire one development share in two Siberian blocks in the Urengoyskoye gas field, while OMV would transfer some Norwegian assets to Gazprom.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play