• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 39 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 4 hours How Far Have We Really Gotten With Alternative Energy
Europe Moves Forward with Major Hydrogen Projects

Europe Moves Forward with Major Hydrogen Projects

Large-scale hydrogen production schemes are…

Arab Nations Act Against Iran-Israel Escalation

Arab Nations Act Against Iran-Israel Escalation

Arab states, including Jordan, Saudi…

Norway’s Oil Strike Could End As Soon As Friday

There is a chance that the oil workers’ strike in Norway will end as soon as on Friday, the head of the trade union whose members are on strike for more than a week told Reuters.

The Lederne trade union is the only Norwegian oil workers’ union that has not accepted the financial terms of a new sector deal for pay for offshore workers. Lederne members are on strike since September 30, which escalated on October 5, and could further escalate at midnight on October 11, if the union and the Norwegian Oil and Gas Association (NOG) – which leads talks on behalf of oil firms – do not reach an agreement over pay.

So far, the strike has resulted in the shut-in of 8 percent of Norway’s oil and gas production, or 330,000 barrels of oil equivalent per day (boepd), some 60 percent of which is gas. The strike shut down four fields operated by Equinor in the North Sea, the Norwegian giant said on Monday, noting that production at the giant oilfield Johan Sverdrup “continues for the present.”

Early on Friday, Lederne said that there would be talks today with a government-appointed mediator. In case talks fail, the strike would escalate from October 11, the union said.

Speaking to Reuters, Lederne leader Audun Ingvartsen said: “We are getting a new proposal from the NOG, and I hope that we can have a deal today.”

Related: Oil Spikes After OPEC Claims: ‘’The Worst Is Over For The Oil Market’’

If talks break down again with no deal, nearly 25 percent of Norway’s oil and gas production could be shut down, including output at Johan Sverdrup, the Norwegian Oil and Gas Association said on Thursday. In case of extension of the strike, more oilfields operated by Equinor will have to shut down, including the giant Johan Sverdrup, as well as fields operated by ConocoPhillips and Wintershall Dea Norge, the association said.

The strike in Norway has partly supported oil price gains this week. Yet, its impact in terms of oil production has been somewhat muted so far, energy analytics services provider OilX said in research. However, if the dispute drags on and the strike continues until the end of October, a cumulative 13 million barrels or 433,000 bpd over October would be lost, equivalent to 26 percent of total Norwegian oil output, according to OilX.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News