For the town of Glomfjord in Norway’s Arctic, the country’s oil boom has turned into a curse. Unemployment has more than doubled, people are moving out, and schools now risk being shut after solar-energy component maker Renewable Energy Corp. (REC) ASA closed a 200-person plant in March before moving production abroad to cut costs.
Norway expects record investment in its oil and gas sector next year as energy firms capitalise on a boom in the sector, further lifting economic growth in one of Europe’s best-performing economies, Statistics Norway predicted on Thursday.Oil and gas investments are set to hit 204 billion crowns ($35.1 billion) in 2013, beating the record of 185 billion likely to be set in 2012, and could go even higher as the figure does not include projects which are anticipated but not yet approved.
Offshore workers in Norway, western Europe’s largest oil producer and exporter, Tuesday decided not to step up a strike that has already cut 15% of the country’s oil output and 7% of its natural-gas output.
The workers have not defined what consequences or shut downs may occur if they eventually do decide to step up their strike action.
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