OSLO, Norway, April 7 (UPI) -- Organizers of an energy conference in Norway said they've canceled an event scheduled for August because of low oil prices and too few exhibitors.
The ONS Foundation in Norway said low oil prices and uncertainty in the industry meant too few exhibitors have registered to continue with existing plans.
"Too few exhibitors mean that we cannot create a meeting place with the famous ONS quality that exhibitors expect and deserve," Chief Executive Officer Leif Johan Sevland said in a statement. "We must [face] the consequences."
Oil prices are down about 50 percent from their June 2014 levels. The sustained slump has forced most energy companies to spend less on exploration and production.
The Norwegian Petroleum Directorate, the nation's energy regulator, reported preliminary production in February of around 1.9 million barrels of oil, natural gas liquids and condensate per day. That's about 6,000 bpd less than in January.
The ONS Foundation said exhibitor registration was strong, but stalled late in 2014. Several companies struggling to operate in the low oil price climate have canceled in 2015, organizers said.
"We've done everything we could to get exhibitors, but the situation in the market is unfortunately beyond our control," Sevland said.
Planning for next year's conference is unaffected.
