Norway oil & gas shutdown stopped by government intervention

Labour Minister Hanne Bjurstrøm put an end to the industrial action that was threatening to halt production on the Norwegian Continental Shelf just moments before the deadline. She defended her harsh call for compulsory arbitration by saying that Norway’s reputation as a reliable supplier was at risk. This would have endangered relations with customers and had major domestic consequences in lost revenue and effect on the industry. Statoil (OSE: STL, NYSE:STO) assumes full production will be reached in a week.