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50,000 jobs to disappear in Norway's oil industry by 2018

Xinhua, March 10, 2016 Adjust font size:

As many as 50,000 jobs will disappear in Norway's petroleum industry from 2014 to 2018, when the recovery from the oil crisis is expected to start, the Norwegian Oil and Gas Association said on Thursday.

The latest forecasts show that Norway's oil and gas industry will reach the bottom at the beginning of 2018, according to a report made for the industry association by the International Research Institute of Stavanger (IRIS).

By that time, 50,000 jobs in the industry will be lost: 38,000 of them have already disappeared, while 12,000 more jobs are expected to disappear in 2016 and 2017, the report said.

Assuming that oil prices will start climbing in 2017, the number of overall demand for new recruitment in the oil and gas industry from 2018 to 2020 will amount to 22,000 people, including 13,000 new positions and 9,000 replacements of natural attrition, according to the report.

"The country is immersed in a demanding restructuring. We have long known that it will go further down in 2016 and 2017. It is therefore very gratifying that this shows that it will turn around in 2018," Karl Eirik Schjott-Pedersen, director general of the association, was quoted as saying in a statement.

"According to IRIS figures, we will in 2020 come back on the same level as now. That analysis that shows a need for 22,000 new recruitments from 2018 to 2020 is an important signal," he added. Endit