Norway oil and gas investments revised downwards

Statistics Norway expects investments in oil and gas extraction and pipeline transport offshore Norway to total NOK146.6 billion ($17.3 billion) next year, 3.6% down on its previous estimate.

Offshore staff

OSLO, Norway – Statistics Norway expects investments in oil and gas extraction and pipeline transport offshore Norway to total NOK146.6 billion ($17.3 billion) next year, 3.6% down on its previous estimate.

The decline is mainly due to lower estimates for exploration and shutdown and removal, with some projects originally planned for 2017 now postponed.

However, the decrease has been partly offset by higher estimates for field development, thanks to the recent submission of two plans for development and operation.

Statistics Norway anticipates further submissions of plans for thePil/Bue, Johan Castberg and Snorre 2040 projects in late 2017.

12/02/2016

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