Norway oil and gas output to fall by 6pc in case of strike

OSLO; Norwegian oil companies and trade unions began two-day wage talks on Thursday in a bid to avert a strike that would initially cut the country's output by 229,000 barrels of oil equivalents, the Norwegian Oil and Gas Association (NOG) said.

Oil and gas production at five offshore fields operated by ExxonMobil, Engie and BASF's Wintershall unit will shut on July 2 if no compromise is found, it added.

The initial cut represents about 6 percent of Norway's output, NOG said. A potential escalation would lead to further reductions.