REMINDER: Our user survey closes on Friday, please submit your responses here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 503.70
Bid: 503.80
Ask: 503.90
Change: -6.70 (-1.31%)
Spread: 0.10 (0.02%)
Open: 506.40
High: 515.30
Low: 499.60
Prev. Close: 510.40
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Oil producer Norway starts wage talks to avert widespread strikes

Mon, 12th Mar 2018 12:51

* Private sector firms begin talks with labour unions

* All major industries involved, including oil, gas

* Risk of strike unless agreement by April 7 deadline

By Camilla Knudsen

OSLO, March 12 (Reuters) - Norwegian employers and labourunions embarked on four weeks' of wage talks on Monday to staveoff widespread strikes that risk impacting output in westernEurope's biggest crude producer.

Unlike most years, in which wages are set on anindustry-by-industry basis to reduce complexity, the 2018 roundrolls a majority of private sector firms into a singlenegotiation in a bid to resolve a stand-off over pension reform.

"We've understood that there is no real will among employersto compromise from the outset," labour union negotiator AsleReime, who will represent oil workers, told Reuters ahead of thetalks.

"Pension rights are important to all workers regardless ofwhich industry they are in, that's why I think there is moreweight behind the demands this year and also more willingness tostrike," he added.

If initial talks break down, a state-appointed mediator willattempt to broker a deal in the final days leading up to anApril 7 deadline, after which most workers are allowed to go onstrike unless an agreement is found.

A few days in advance, Labour unions must name the companiesthat would be hit in a first wave of industrial action, makingit difficult to predict in advance how extensive an initialwalk-out could be.

While Norway's production of oil and natural gas is unlikelyto be targeted from the start since the contract for rigworkers' is valid until June, unions may still hit the sector byshutting down yards and other suppliers.

Onshore processing and export facilities for natural gas arealso at risk of strike, unions said, while offshore oilproduction workers could become involved in any extended strike.

Western Europe's largest producer of oil and gas pumps abouttwo million barrels of crude, condensate and natural gas liquids(NGL) per day, while its output of natural gas stands at around320 million cubic metres per day.

Norway's last major strike by oil workers took place in 2012and lasted for 16 days before the government intervened to forcean end to the conflict, citing vital national interests.

Top companies that could be affected by the talks includeconsumer goods maker Orkla, fertiliser maker Yara, metals producer Hydro and oil servicescompanies Aker Solutions and Kvaerner.

Also at risk are major oil firms including Statoil,Aker BP, Lundin Petroleum and Shell.(Editing by Terje Solsvik, editing by Louise Heavens)

More News
9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

Read more
9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

Read more
9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

Read more
9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

Read more
9 Apr 2024 08:53

TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

Read more
9 Apr 2024 08:44

LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

Read more
9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

Read more
9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

Read more
9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

Read more
4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

Read more
2 Apr 2024 23:07

Sector movers: Builders and REITS slip, geopolitics boost Big Oil and gold miners

(Sharecast News) - Personal Goods was at the bottom of the pile on the FTSE 350 at the start of the second quarter, as fashion retailer Burberry Group's shares fell back towards their five-year lows.

Read more
2 Apr 2024 16:57

LONDON MARKET CLOSE: Europe down after Easter holiday weekend

(Alliance News) - The FTSE 100 took a hit on Tuesday, after a boost from London's miners and oil firms were not enough to lift the index.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.