• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 9 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 8 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 14 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 3 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 3 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 11 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 8 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 15 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 18 hours The EU Loses The Principles On Which It Was Built
  • 10 hours Corporations Are Buying More Renewables Than Ever
  • 23 hours Starvation, horror in Venezuela
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 1 day Is NAFTA dead? Or near breakthrough?
Bears Are Back In The Oil Market

Bears Are Back In The Oil Market

In the midst of an…

India Surges Ahead In Global Solar Race

India Surges Ahead In Global Solar Race

India is soaring past the…

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