Norway steps in to stop oil shutdown The Norwegian government has intervened to prevent a shutdown of its oil industry, ending a two-week dispute over pensions between offshore workers and some of the world's largest energy companies. Following a tense night of fruitless negotiations between the two parties the government of the world's fifth-largest oil exporter used its emergency powers to stop what was nearly the first shutdown in the sector for almost 25 years. The decision to protect Norway's "vital interests" concluded a 16-day strike by offshore workers, which has already reduced Norway's oil production by 15 per cent, cost the country Nkr3.1bn ($510m) and rattled global oil markets. Late last week Norway's oil industry association decided to escalate the pensions dispute, sending oil prices above $100 a barrel, by threatening to end all production on the Norwegian continental shelf if the strike were not called off by midnight on Monday. While previous threats by the oil industry of a full lockout have seen the government move quickly to force an end to a strike, this Labour-led coalition intervened at the last minute. I had to make this decision to protect Norway's vital interests. It wasn't an easy choice, but I had to do it," Hanne Bjurstroem, the labour minister, told Reuters after meeting with the trade unions and the Norwegian oil industry association. The move angered the unions, who threatened more strikes in the coming months. "We are very disappointed that this game could have a happy ending for the companies," said Hilde-Marit Rysst, head of the SAFE union. We do not have any right to protest in the country. The dispute centred on union demands that all offshore workers should be allowed to retire with a full pension at 62. "Offshore workers rank among the country's best-paid professions in Norway, with an average annual pay of nearly Nkr1m," said Jan Hodneland, chief negotiator for the OLF. "It is a responsible choice made by the government tonight," he said. A shutdown would have cost the oil companies operating in the region, which include Statoil, ExxonMobil and BP, Nkr1.8bn a day. The last lockout in Norway's offshore sector occurred in 1986 and lasted for three weeks before the government intervened.