News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Norway strike could cut gas output by 13% next week - oil lobby

07/03/2022 | 09:34am EDT

OSLO, July 3 (Reuters) - A planned strike next week by Norwegian energy sector workers could cut the country's gas output by 292,000 barrels of oil equivalent per day, or 13% of output, employers' group the Norwegian Oil and Gas Association (NOG) said on Sunday.

Oil output could be cut by 130,000 barrels per day, NOG added, corresponding to around 6.5% of Norway's production, according to a Reuters calculation.

The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes at a time of high oil and gas prices, with supplies of natural gas to Europe particularly tight after Russian export cutbacks.

Members of the Lederne labour union, who make up around 15% of the country's offshore petroleum workers, on Thursday voted down a proposed wage agreement that had been negotiated by companies and union leaders.

As a result, they plan to begin a strike at three offshore fields on July 5, and to add three more fields the following day unless a solution is found.

A seventh field, Tyrihans, will have to shut because its output is processed from the nearby Kristin field, which will shut down.

The parties have been talking, but no progress has been made.

"There have been talks, but we don't see a solution," a NOG spokesperson told Reuters on Sunday.

The Lederne union was not immediately available for comment when contacted by Reuters.

Norway's other oil and gas labour unions have accepted the wage deal and will not go on strike. (Reporting by Terje Solsvik and Gwladys Fouche; Editing by Jan Harvey)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA -2.90% 321.3 Real-time Quote.21.83%
COOR SERVICE MANAGEMENT HOLDING AB 0.06% 81.95 Delayed Quote.-0.91%
DNO ASA -6.98% 14.4 Real-time Quote.48.06%
EQUINOR ASA -2.07% 350.3 Real-time Quote.51.63%
GOLD -1.31% 1776.26 Delayed Quote.-1.49%
LONDON BRENT OIL -4.54% 93.1 Delayed Quote.25.61%
NORWEGIAN ENERGY COMPANY ASA -1.69% 318.5 Real-time Quote.111.59%
OKEA ASA -4.70% 41.6 Real-time Quote.72.53%
ORRÖN ENERGY AB (PUBL) -4.67% 19.89 Delayed Quote.-93.57%
S&P GSCI NATURAL GAS INDEX -3.02% 397.1346 Real-time Quote.134.42%
SHELL PLC -2.87% 2151.5 Delayed Quote.36.58%
SODEXO -0.32% 81.78 Real-time Quote.6.46%
TOTALENERGIES SE -2.60% 50.55 Real-time Quote.16.36%
VAR ENERGI -3.10% 39.05 Real-time Quote.0.00%
WTI -4.67% 87.314 Delayed Quote.21.92%
Latest news "Economy & Forex"
08:30aPutin boasts of Russian weapons prowess, says Moscow is ready to share it with allies
08:28aAdar poonawalla says "estimate an omicron-specific vaccine in in…
08:24aWhite House plans campaign to highlight policy wins ahead of midterm elections
08:18aPUTIN : Russia is ready to arm its allies
08:14aStocks pause as faltering China knocks oil and copper
08:13aMEDIA-U.S. rules out releasing billions in Afghan funds after strike - WSJ
08:08aS.African lender Absa posts 30% rise in interim profit
08:04aExplainer - Why has polio been found in London, New York and Jerusalem, and how dangerous is it?
07:59aIRC calls for evacuation of refugees trapped on islet between Greece, Turkey
Latest news "Economy & Forex"