STAVANGER, NORWAY--(Marketwire - Jul 9, 2012) - Statoil (OSLO: STL) (NYSE: STO) is
preparing to resume production at installations that have been affected by
a strike, after the government decided to impose compulsory arbitration in
the pay settlement for the Norwegian continental shelf.
Norwegian Minister of Labour Hanne Bjurstrøm has informed the parties
in the
offshore pay settlement that the government will propose to Parliament that
the
conflict be resolved by compulsory arbitration. At the request of the
Minister
the parties are to resume work as soon as possible. The lockout that has
been
announced for the Norwegian continental shelf will therefore not come into
force.
On Thursday 5 July, the Norwegian Oil Industry Association (OLF) announced
an
impending lockout for all members of the unions Industry Energy (Industri
Energi), the Organisation of Energy Personnel (SAFE) and the Norwegian
Organisation of Managers and Executives (Lederne) affected by the offshore
agreement. The lockout was due to come into force on Monday 9 July at
24:00, but
instead, the parties will meet in the national wage arbitration tribunal
that
will make a binding decision in the on-going labour dispute.
Statoil installations that have been affected by the labour dispute are the
Oseberg Field Centre, Oseberg South, Oseberg East, Oseberg C, Heidrun,
Huldra,
Veslefrikk and Brage. Production from these installations will be resumed
as
quickly as possible. It may take from 1 to 2 days to get production started
and
Statoil expects to have the fields back in full production within a week.
This information is subject to the Securities Trading Act § 5-12
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Source: Statoil via Thomson Reuters ONE
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