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According to CNBC and Rueters, the dispute between the Lederne Drilling Union and the Norwegian Oil and Gas Association began when talks collapsed on Sept. 30, which prompting production outages from Oct. 5.
Jerome Lewis
Over the past few months, there has been a drastic increase in U.S. shale producers’ race to acquire drilling permits from the Federal Government. This is due to the upcoming November presidential elections and concerns that a win by Joe Biden could mean a crackdown on oil and gas exploration. According to Reuters, “As of August 24, producers have received 974 permits so far this year for new wells on federal land in the Permian, compared with 1,068 for all last year and 265 in 2018, according to data firm Enverus. In the 90 days up till August 24, producers received 404 permits in the Permian, compared with 225 and 11 in the same period in 2019 and 2018, respectively. The scramble for permits comes despite the weak outlook for oil drilling and prices due to the ongoing coronavirus pandemic.”
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