Norwegain oil and gas giant Statoil (STL.OS) said Thursday it's preparing to shut down production on the Norwegian continental shelf following a notice of lockout from the Norwegian Oil Industry Association.

For Statoil, the shortfall in production will be around 1.2 million barrels of oil equivalent per day, with the group's lost revenue resulting from the production stoppage will amount to around NOK520 million per day.

The lockout warning follows strike action taken by offshore unions Industri Energi, SAFE and Lederne on 24 June over demands for better pension terms for workers.

According to the Norwegian Oil Industry Association, representing the oil companies, estimates that the strike has resulted in a loss of revenue from production amounting to around NOK2 billion so far.

The announced lockout will take effect on Monday 9 July at 24:00 CET and be imposed on all members of the striking unions who are covered by the offshore pay agreements.

Statoil is planning a controlled shutdown of production and return of personnel to land from Monday 9 July at 24:00 hrs. It will take from 1 to 4 days to shut down all production on the Norwegian Continental Shelf, depending on the characteristics and complexity of each field.

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