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Sector
Energy
Size
Large Cap
Market Cap £7.41bn
Enterprise Value £9.91bn
Revenue £2.14bn
Position in Universe 111th / 1846

Norwegian oil companies, labour unions agree wage deal

Wed 5th May, 2021 11:01pm
OSLO, May 5 (Reuters) - Norwegian oil companies have come to
a wage agreement with employees, three labour unions and an
industry association said on Wednesday, preventing the potential
outbreak of a strike among workers later this year.
    Norway is western Europe's largest oil and gas producer,
pumping about 2.1 million barrels of oil liquids per day (bpd)
while gas production amounts to around 2 million barrels of oil
equivalent per day (boed).
    The Norwegian Oil and Gas Association (NOG), which
negotiated on behalf of energy companies, said each worker's
annual wage will increase by 20,100 Norwegian crowns ($2,409).
    Last year, a 10-day labour conflict involving members of the
Lederne union cut Norway's daily output by around 8% and had
threatened to increase the outage to around 25% before a bargain
was struck.  urn:newsml:reuters.com:*:nL8N2H02XK
    The Lederne union's 1,000 members had retained the right to
go on strike again this year if no deal was reached. The larger
Industri Energi and Safe unions, which were also part of the
talks, did not have the right to strike however.
    Lederne, Safe and Industri Energi all confirmed they had
signed the agreement.
    The talks covered 7,000 workers in total, mostly rig
operators, drillers and service staff at 14 companies including
Equinor  EQNR.OL , Aker BP  AKERBP.OL , Lundin Energy  LUNE.ST 
and ConocoPhillips  COP.N , the NOG has said.

($1 = 8.3449 Norwegian crowns)

 (Reporting by Terje Solsvik, editing by Gwladys Fouche)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))
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