• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 27 mins Tidal Power Closer to Commercialisation
  • 3 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 3 hours US-backed coup in Venezuela not so smooth
  • 2 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day BATTLE ROYALE: Law of "Supply and Demand". vs. OPEC/Saudi Oil Cartel
  • 10 hours Fisker Announces 'Mass Market' Electric SUV
  • 3 hours Solar to Become World's Largest Power Source by 2050
  • 2 days Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 2 days THE DEATH OF FOSSIL FUEL MARKETS
  • 1 day Biomass, Ethanol No Longer Green
  • 2 days Can OPEC CUT PRODUCTION FOREVER?
  • 2 days Boeing Faces Safety Questions After Second 737 Crash In Five Months
Was 2018 The Peak For Crude Oil Production?

Was 2018 The Peak For Crude Oil Production?

As OPEC production continues to…

The IEA’s Search For A New Narrative Of Doom

The IEA’s Search For A New Narrative Of Doom

Despite the radical transitions facing…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Norwegian Oil Companies to Shutdown All Oil Production at Midnight

The strike between offshore Norwegian oil workers and the oil companies is now into its third week with little progress made in the talks over pensions. The oil companies have been hoping that the Norwegian government will step in to force a resolution to the problem, however the Labour-led coalition government has been reluctant to intervene due to the upcoming elections at the end of this year, in which the trade unions are wield a lot of power.

In order to try and force the governments hand a little Eli Ane Nedreskaar, a spokeswoman for the Norwegian oil industry association (OLF), told Reuters that “the companies are now ready to close down production on the Norwegian continental shelf if the government doesn't intervene before midnight.”

Statoil, the state-owned oil major, and the largest operator in the sector, has announced that it plans to shutdown all of its production facilities in a move that will take as long as four days to complete.

It would be the first time in over 25 years that the Norwegian oil industry has been completely shut down, and as the world’s 8th largest exporting country, and Europe’s largest, it could severely affect world oil supply. In fact Brent has climbed to $99 a barrel as markets are unsure whether or not the government will step in to prevent the shutdown.

In a show of defiance against the OLF, Leif Sande, the leader of IndustriEnergi, the biggest of the three labour unions involved in the dispute, has said that their “members are preparing for the lockout and will travel back to land at midnight.”

Anne Gjoen, an analyst at Handelsbanken, claimed that she does “not think that we are going to see a lockout. At the same time, I am a bit surprised that the conflict has lasted this long.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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