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Statoil, Shell Halted Oil Production in Norway

Statoil and Shell said they were halting production

Two oil and gas giants, Statoil and Shell halted production at two oil and gas platforms off the coast of Norway on orders from the Petroleum Safety Authority that the companies lifeboats were deemed to be inadequate. The closures will affect some 280,000 bpd, sources said.

?We took direct contact with the companies and made it clear that the consequence of our decision is immediate closure,'' the safety regulator said on its Web site today.