Offshore oil production in Norway flowed as usual today after strike action by workers was averted.
Norway’s net oil exports in 2015 averaged 1.714 million barrels a day, an increase of 58,000 barrels compared to 2014, according to data from Evaluate Energy and the BP Statistical Review of 2015.Click Here to Find Out More:Evaluate Energy's Country Analysis Subsciption
The majority-state-owned Statoil (Oslo:STL) is by far the country’s biggest oil and gas producer, with 1.23 million boe/d. The second largest producer is ExxonMobil (NYSE:XOM) at 233,000 boe/d followed by Total (Paris:FP) at 227,000 boe/d. Royal Dutch Shell (LSE:RDSA), ConocoPhillips (NYSE:COP), ENI (Milan:ENI), ENGIE (Paris:ENGI), Centrica Plc (LSE:CNA), BP (LSE:BP) and Det Norske (Oslo:DETNOR) are also in the top 10.
Source: Evaluate Energy
About 7,500 employees working in Norway’s offshore oil fields as either drilling personnel or in catering are covered by a new offshore pay settlement, according to the Norwegian Oil and Gas Association in a weekend statement. The Association said the deal was reached between the Norwegian Union of Industry and Energy Workers (Industry Energy), the Norwegian Union of Energy Workers (Safe) and the Norwegian Organization of Managers and Executives.
“These negotiations have been demanding, with a number of different issues which had to be resolved,” said Jan Hodneland, lead negotiator for Norwegian Oil and Gas.
“Given the demanding position which the industry currently finds itself in, it was nevertheless crucial for us to find a solution which ensured that a strike could be avoided.”
The agreement includes a decision to appoint one or more committees during the period covered by the 2016-2018 settlement, “to assess issues related to time spent offshore, as well as changes to the work plan, workplace and work periods.” This is intended to tackle cost challenges faced by companies covered by the offshore agreements, said the Association. “The expectation is that such mutually binding committee discussions will help to strengthen the competitiveness of the Norwegian continental shelf.”
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