• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 27 mins Total nonsense in climate debate
  • 1 day IMO2020 To scrub or not to scrub
  • 14 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 5 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 9 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 49 mins Will Canada drop Liberals, vote in Conservatives?
  • 1 hour Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 1 hour Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
The Trade War Is Transforming Oil Markets

The Trade War Is Transforming Oil Markets

China-US trade talks have exposed…

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:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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