Norway\'s oil and gas investment is expected to grow to $21.2 billion by 2020 |
[ Time:2019-12-17 | Hits:455 ] |
| Norway's oil and gas investment is expected to rise 3.8 per cent next year to nkr196bn ($21.2bn) before falling in subsequent years, according to the country's oil and gas association. NOG had forecast investment of 182.5bn kroner in 2020.The association said the increase was driven by higher costs for some projects, but showed no sign of a sharp rise in inflation. Norway, Western Europe's largest oil and gas producer, is expected to increase production for the full year to 2020, thanks to the opening of the Johan Sverdrup field in the north sea in October. The investment forecast is based on a survey of 13 companies operating in Norwegian oil and gas fields. NOG added that it expected investment to fall to 177.7bn kroner in 2021 and 163.3bn kroner in 2022, compared with previous forecasts of 168bn kroner in 2021 and 156.5bn kroner in 2022. NOG said it was raising its forecast because mining activity is expected to increase as companies come up with more projects and invest in technology to improve recovery rates. A separate survey by statistics Norway in November showed oil and gas investment would reach a five-year high of 182.6bn kroner in 2020. NOG said the increase was mainly due to the survey's inclusion of more projects, such as the Balder X project at Vaar Energi, a unit of eni. |