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Oil lockout averted

July 10, 2012

Oslo has managed to avoid a total shutdown of its oil and gas industry, which had been scheduled to begin at midnight local time. A last-ditch meeting was held to calm a bitter industrial dispute over retirement rights.

https://p.dw.com/p/15U0w
Oil production off Norwegian coast
Image: picture-alliance/dpa

Norwegian oil workers agreed to return to work late on Monday, ahead of a midnight deadline that could have seen a complete shutdown of the country's oil and gas industry.

Companies wanted the government to use powers that would force some 6,500 workers on 70 extraction fields back to work.

Workers were demanding early retirement at the age of 62, with the normal state pension age in the country being 67.

Norway's labor ministry said on Monday that it had called representatives of oil workers and the Norwegian Oil Industry Association (OLF) to a meeting at 11.30 p.m. local time, just ahead of the proposed shutdown.

Three weeks of union action over early retirement had already choked off some 13 percent of Norway's total oil production and 4 percent of its gas output. A full shutdown would have the potential of cutting off over two million barrels of oil and natural gas liquids per day.

The last lockout in the offshore sector occurred back in 1986 when production on the Norwegian shelf came to a complete standstill. It took three weeks until the government intervened.

Norwaycurrently delivers 27 percent of all German gas imports, making the Scandinavian country the second most important supplier after Russia.

hg, rc/slk (Reuters, dpa)