Norway Faces 20% Drop in Oil Investment

Norway Faces 20% Drop in Oil Investment

Western Europe’s biggest oil and gas producer will probably see investments slump by one-fifth next year compared with 2014, when crude hit a peak, as the industry adjusts to considerably lower prices.
Investments by oil and gas companies operating in Norway will fall to 171 billion kroner ($20 billion) next year, 5.6% under a previous estimate, according to a quarterly survey by Statistics Norway, Bloomberg reported.
The estimate for this year was little changed at 192.8 billion kroner, but far below the 214.3 billion kroner spent in 2014.
Norway’s oil companies reduced their exploration-spending forecast for next year by 35% from the previous quarter’s estimate, and foresee a “sharp decline” in the number of offshore wells, Statistics Norway said.

Short URL : http://goo.gl/gj9NkX
  1. http://goo.gl/8cu6Ku
  • http://goo.gl/q1Xcfh
  • http://goo.gl/SOmO4v
  • http://goo.gl/hqMwqb
  • http://goo.gl/ZDNOCt

You can also read ...

Record Oil Output Does Not End US Import Dependence
In the first week of July, US net imports of petroleum...
Zanganeh: OPEC Members Not Allowed to Pump Above Target
Iran’s Oil Minister Bijan Namdar Zanganeh in a letter told his...
Brent slid 30 cents at $75 a barrel.
Oil prices slipped on Monday as concerns about supply...
Chinese Oil Demand Growth to Slow
Oil demand growth in the world’s biggest oil importer—China—is...
Gas to Overtake Oil
Natural gas will account for a major part of energy basket in...
Green Petrochem Units to Be Exempted From Pollution Tax
Petrochemical companies that reduce carbon emissions and are...
Tehran Power Outages Hampering Industries
Frequent power outages in Tehran have adversely affected...