• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 10 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 7 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 6 hours WE Solutions plans to print cars
  • 5 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 6 hours Oil prices going down
  • 11 hours Nopec Sherman act legislation
  • 10 hours Sell out now or hold on?
  • 13 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 15 hours China & India in talks to form anti-OPEC
  • 17 hours Sabotage at Tesla
  • 13 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 12 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 5 hours Oil and Trade War
  • 5 hours Australia mulls LNG import
Iranian Influence In Iraq Grows

Iranian Influence In Iraq Grows

Iranian influence in Iraq has…

Norway’s Recovering Oil Industry Resumes Hiring

Norway

Oil companies in Norway, as well as their suppliers, will hire more employees in the coming years as the country’s oil and gas sector recovers from the downturn in the wake of the oil price crash, Norway’s Minister of Petroleum and Energy, Terje Søviknes, told Reuters on Tuesday. 

“All evidence points to a significant increase in employment in the oil industry,” Søviknes told Reuters on the sidelines of an event.

The oil and gas industry accounts for 14 percent of Norway’s GDP, 14 percent of state revenues, 19 percent of total investments, 39 percent of total exports, and 7 percent of employment in the country with population of 5.3 million residents.  

Between 2013 and 2016, Norway lost 47,000 oil and gas jobs, but the tide may now be turning. Minister Søviknes warned, however, that not all jobs may be recovered, due to automation and efficiency gains in productivity.

“It’s hard to imagine that all the 50,000 jobs that disappeared during the industry’s downturn will be brought back,” Søviknes told Reuters today.

Last month, a number of project developments on the Norwegian Continental Shelf were submitted, the biggest being Statoil’s Johan Castberg oilfield, which is expected to take capital expenditures of US$6 billion (49 billion Norwegian crowns) and become the northernmost oilfield development on the Norwegian Continental Shelf.

Related: Trump Proposes Most Aggressive Offshore Drilling Plan Ever

Also in December, Aker BP submitted Plans for Development and Operation (PDOs) for three projects, with total investments of some US$1.9 billion (15.5 billion Norwegian crowns); VNG filed plans to develop Fenja in the Norwegian Sea; Repsol submitted a new plan for the Yme field in the North Sea; and a Statoil-led consortium submitted a revised plan for the Snorre oil field expansion project.

Norway’s economy is back on track, and the 2017 unemployment fell to 2.4 percent, according to the country’s central bank—the lowest since 2012. The central bank now believes that job creation will continue, and that unemployment will continue to shrink.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News