InvestVision
Registered: Sep 2008
Posts: 2508 |
07-09-12 05:24 PM
http://www.marketwatch.com/story/st...nues-2012-07-09
The Norwegian oil and gas major Statoil STO -0.17% said Monday it is preparing to shut down its production on the Norwegian continental shelf at midnight after negotiations to end a strike over pensions broke down Sunday.
The threatened halt to production is the result of a lockout announced by the Norwegian Oil Industry Association, which represents the oil companies in the dispute, in response to a strike by more than 700 North Sea oil workers over pensions that began in June.
"We are currently in talks with our customers regarding deliveries," said Bard Glad Pedersen, spokesman at Statoil.
The lockout, which prevents all 6,500 oil employees going to work, is slated to begin at midnight Monday. It will affect all of the 50 or so companies with production on the Norwegian continental shelf,
Mr. Glad Pedersen said a shutdown of production on the Norwegian continental shelf would be a hard blow to the company's and the country's credibility as an oil and gas exporter.
According to the U.S. Energy Information Administration, Norway was the world's 14th-largest supplier of oil in 2011, producing about 2.5% of the world's oil on a daily basis, most of which is tagged for export.
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