Norway Oil Group Calls Lockout, Statoil To Shut Down Rigs

Law360, New York (July 5, 2012, 2:30 PM EDT) -- Norway's oil industry on Thursday issued a lockout warning for 6,500 offshore workers, hoping to prompt government intervention in a two-week strike that has nudged up crude prices and cost the industry more than $330 million in lost production.

Three unions representing 6,515 workers went on strike June 24, demanding better pension benefits. The unions have been negotiating with the Norwegian Oil Industry Association, but talks reportedly broke down late Wednesday, setting the stage for Thursday's lockout announcement and continued production halts at Statoil ASA, Western...
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