Norway Strike escalation threatens 13% of daily gas exports to Europe

A planned strike among Norwegian oil and gas workers could hit 13% of the country’s gas exports from Wednesday, Norway’s Oil and Gas Association said on Sunday.

The industrial action would affect work at the Gudrun, Oseberg South, and Oseberg Northeast fields from Tuesday, while on Wednesday the Heidrun, Aasta Hansteen, and Kristin fields would also be affected – with all facilities then having to shut down. According to the Association, the strike would set to cut gas production by 292,000 bbl of oil equivalent per day (or 46 mcm).

Talks are ongoing between the union and management over a possible pay deal but there had been no breakthrough to the time of writing.

The news of the strikes contributed to a sharp increase in natural gas prices in Europe to above €160/MWh, the highest level since early March. Norwegian supplies have become increasingly important for the continent after gas supplies from Russia slumped amid the invasion of Ukraine and subsequent sanctions.

14:05 / 4 July 2022

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