Chevron workers have ended a strike at liquefied natural gas facilities in Australia, ending a standoff that could have affected about 7% of global LNG supply.

Offshore Alliance, which represents the Australian Workers’ Union and the Maritime Union of Australia, and Chevron announced Friday that they had accepted new employment agreements proposed by Australia’s Fair Work Commission.

There have been significant improvements in terms and conditions of employment, including increased remuneration, job security, and locked-in rosters, the alliance said.

The Offshore Alliance will now work with Chevron to finalize the three agreements.

“All outstanding issues have been resolved,” Chevron stated in a statement.

Chevron Australia and the Fair Work Commission have been informed that industrial action has been suspended by the unions.

A walkout began two weeks ago over pay and other conditions at Chevron’s Gorgon and Wheatstone facilities.

These sites, located along the coast of Western Australia, are of enormous significance. Daniel Toleman, a principal research analyst at energy consultancy Wood Mackenzie, estimates that about 7% of global LNG supply would have been lost if strikes stopped production at the facilities for a month.

As far as global LNG supply is concerned, there has been no material impact. Prices are likely to soften, and volatility will be removed from the market,” Toleman told.

Several times in the past month, natural gas prices have risen in Europe due to the threat of strikes.

Since Russia’s invasion of Ukraine in February 2022, the region has become more dependent on global LNG supplies.