Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFaroe Petroleum Plc Share News (FPM)

  • There is currently no data for FPM

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Union warns Statoil not to scale back agreements

Tue, 28th Jun 2016 13:55

OSLO, June 28 (Reuters) - Norwegian oil major Statoil must halt attempts to scale back existing labouragreements if it wants to prevent a strike that would hit outputfrom July 2, a trade union said on Tuesday.

About 755 Norwegian workers on seven oil and gas fieldsoperated by Statoil, ExxonMobil and Engie will strike unless a deal on wages and other working conditionsis agreed, three unions announced on Monday.

The fields account for about 18 percent of Norway's combinedoutput of crude oil, natural gas and natural gas liquids (NGL),a Reuters calculation shows.

"I'm certain that employers have understood that we won'taccept a destruction of current agreements," said Joern ErikBoe, spokesman for union Industri Energi, which representstwo-thirds of the workers that would strike.

"The scope of the announced plans will hopefully putsufficient pressure on the largest player, Statoil, withoutexposing us to the risk of government intervention," he said ina statement.

Norway's rules governing labour disputes give the governmentthe power to force an end to strikes under certain conditions,including when national interests are considered to be at stake.

In 2012, the government of the time ended a conflict whenemployers threatened a lockout of workers that would have shutdown all output of oil and gas.

On the seven fields that could be hit initially, overall oiloutput stood at 285,000 barrels per day in the first four monthsof 2016, with natural gas production of 48.5 million cubicmetres (mcm) per day and NGL at 91,600 barrels of oil equivalentper day.

The summer season typically sees a drop in output due toscheduled maintenance and lower demand for gas, however, makingit difficult to calculate the exact impact of a strike.

Engie and ExxonMobil said a conflict would cut output at thefields they operate, while Statoil declined to comment on allaspects of the negotiations, which will be hosted by a statemediator on June 30 and July 1.

Norway currently produces about 1.6 million barrels of crudeand 280 million cubic metres of gas per day. Its combined NGLand condensate output is equivalent to about 400,000 barrels perday.

Employers have argued that a plunge in oil prices since 2014must be accompanied by cost cuts and flexible work practices tohelp keep the industry competitive.

A protracted conflict could ultimately result in more than7,400 workers going on strike, data from the state mediator'soffice show. (Reporting by Terje Solsvik and Henrik Stolen; editing by JasonNeely)

More News
29 Oct 2018 12:04

Faroe Petroleum Extends Loan Maturity, Raises Value To USD350 Million

LONDON (Alliance News) - Oil & gas exploration company Faroe Petroleum PLC on Monday said it has increased the value and extended the maturity of its loan.The reserve based lending bank

Read more
19 Oct 2018 11:50

Faroe Petroleum Starts Exploration On Rungue Well In North Sea

LONDON (Alliance News) - Oil and gas company Faroe Petroleum PLC said Friday that drilling has commenced on the Rungne exploration well 30/6-30 in the Norwegian North Sea, in which Faroe holds a a

Read more
19 Oct 2018 09:00

Faroe spuds Rungne exploration well

(Sharecast News) - Oil and gas outfit Faroe Petroleum has spudded its Rungne exploration well, a near field exploration target in the Norwegian North Sea.

Read more
24 Sep 2018 12:59

Monday broker round-up

(Sharecast News) - Thomas Cook: Shore Capital Markets downgrades to hold.

Read more
18 Sep 2018 09:30

Faroe Petroleum Posts Significant Profit As It Targets Higher Output

LONDON (Alliance News) - Oil producer Faroe Petroleum PLC on Tuesday said higher oil prices offset lower production for the first half of 2018, though the company has swung to a significant for to

Read more
11 Sep 2018 15:54

UK Earnings, Trading Statements Calendar - Next 7 Days

Wednesday 12 September Galliford TryFull Year Results Property FranchiseHalf Year 13

Read more
28 Aug 2018 13:05

Tuesday broker round-up

(Sharecast News) - John Laing Group: RBC Capital Markets downgrades to sector perform with a target price of 330p.

Read more
28 Aug 2018 11:45

Faroe Petroleum Plantain Well Operations Start, DNO Spikes Requisition

LONDON (Alliance News) - Oil and gas company Faroe Petroleum PLC said on Tuesday the Plantain exploration well on the UK Continental Shelf spudded on Friday last week.The well is expected a

Read more
14 Aug 2018 17:40

Faroe Petroleum Farms Into UK Continental Shelf Agar Plantain Well

LONDON (Alliance News) - Faroe Petroleum PLC said Tuesday it has farmed into the UK Continental Shelf Agar Plantain exploration & appraisal well operated by Azinor Catalyst Ltd.The will

Read more
14 Aug 2018 13:24

Tuesday broker round-up

(Sharecast News) - Elementis: Berenberg upgrades to buy with a target price of 315p.

Read more
8 Aug 2018 13:36

Faroe Petroleum Lowers Full Year Guidance To 12,000-14,000 Boepd

LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday that it narrowed its production guidance range as two gas fields in the UK will cease production at the end of August.The oil gas

Read more
8 Aug 2018 09:25

Faroe Petroleum set for strong H2 after maintenance slows production

(Sharecast News) - Independent oil and gas company Faroe Petroleum on Wednesday narrowed its annual production expectations after bringing all wells back online following a busy maintenance schedule in the first half of the year.

Read more
19 Jun 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Wednesday 20 JunePrimorus InvestmentsDeltex MedicalUK Commercial Property Sykes Emerging Europe (re 21

Read more
24 May 2018 11:48

Parkmead, Serica, United Oil & Gas And Faroe Awarded UKCS Licences

LONDON (Alliance News) - The UK Oil & Gas Authority awarded five licences to the Parkmead Group PLC, three to Serica Energy PLC, two to United Oil & Gas PLC, and one to Faroe Petroleum PLC

Read more
23 May 2018 15:29

Faroe Petroleum To Drill Norwegian Brasse Well In 2018 Fourth Quarter

LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday drilling at the Norwegian Brasse East exploration well is set to begin in the fourth quarter of 2018.Faroe owns 50% of the well a

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.