OSLO, Norway, April 27 (UPI) -- Energy companies working in the Norwegian sector, need to ensure safety is not a casualty of the weakened oil market, a regulator said Monday.
The Petroleum Safety Authority said in an annual report there were seven hydrocarbon leaks offshore and seven onshore last year, the second lowest number in recorded history. None of the leaks were characterized as major.
"We see many positive trends in the measurements for 2014, both in terms of major accident risk and in working environment risk," PSA Director General Anne Myhrvold said in a statement.
In terms of injury, the regulator said there was a "small increase" in 2014, though last year's record was one of the best in the last 10 years.
Myhrvold said 2015 is starting off on the wrong foot, however, the regulator started six investigations into the "several" incidents and personal injuries reported during the first three months of the year.
"This shows once again that safety is a perishable good," she said in a statement. "The restructuring we are now seeing in the industry must not be at the cost of continuous improvements in safety."
Energy companies are cutting back on staff and capital expenses for 2015 amid a crude oil market weakened by an abundance of supply and low demand.
Norwegian energy company Statoil said last month that, while its productivity was strong, its financial results are "highly impacted" by low oil prices.
Myhrvold said the industry is expected to continue with its commitment to safety despite the slowdown in the global energy market.
"This is something that the PSA will be keeping a keen eye on in 2015, now that savings and restructuring are so predominant in the industry," she said.
