Oil strike: More than half of Norway’s gas exports could be halted
International Business News – According to Norwegian Oil and Gas, 56% of Norway’s natural gas exports could come to a halt if another oil strike occurs on Saturday. The daily loss of income could be NOK 1.8 billion.
The escalation of the oil strike announced on Saturday could result in a loss of 341,000 barrels per day of oil production and 1,117,000 oil equivalent per day of gas exports.
According to Norwegian Oil and Gas, the daily loss of revenue would amount to NOK 182.6 billion.
The Norwegian government told Reuters it was the responsibility of all parties to reach an agreement on a solution, and the government did not want to comment on the ongoing conflict.
Hildegunn Blindheim, chief executive of Norwegian Oil and Gas, said the escalation could have very significant consequences for Europe.
“Norway accounts for a quarter of Europe’s energy consumption, and Europe is completely dependent on us at a time when the gas market is very tight due to supply cuts in Russia. A strike of this magnitude creates huge problems for countries that are completely reliant on replenishing natural gas inventories ahead of the fall and winter seasons,” she said.
On Tuesday, 74 members of the workers’ union Lederne went on strike, resulting in the closure of the Gudrun, Oseberg Sør and Oseberg Øst fields.
On Wednesday, an escalation of the strike, which added 117 members, was announced. A further escalation on Saturday will lead to a strike by a total of 382 members.
In the event of such an escalation, Norwegian Oil & Gas sees a loss of NOK 1.8 billion in revenue. Goulfax A, Goulfax C and Sleipner fields will be removed.