This content is not available in your region

Dispute threatens to shutdown Norway oil industry

Dispute threatens to shutdown Norway oil industry
Text size Aa Aa

The world’s eighth biggest oil producing country could see its industry grind to a halt on Monday night if the government does not intervene in a dispute between Norway’s workers and employers.

The argument over early retirement age has already seen offshore workers strike for three weeks.

Unions say they are ready for the country’s first complete shutdown in 25 years.

“I would again encourage the sides to agree, but if they don’t agree, the authorities must consider intervention. There are so many parties involved and this is costing Norway so much, in terms of money and reputation,” said Ståle Kyllingstad, chairman of the board of oil company Norsk Industri.

Norway is the biggest producer of oil in western Europe at two million barrels of oil a day.

The last time a dispute shut down production in 1986, it took three weeks before the government mediated. With looming damage to profits and reputation, oil companies are hoping intervention comes sooner this time around.