Oil Firms Unlikely To Boost Norway Exploration In 2017

Reuters

OSLO, Nov 30 (Reuters) - Oil companies operating on Norway's continental shelf are unlikely to increase their overall exploration activity in 2017, a key regulator of the industry said on Wednesday.

"We're seeing a drop to around 35 exploration wells this year and I doubt we'll see much of an increase next year," Oil Directorate chief Bente Nyland told Reuters on the sidelines of an industry conference.

A sharp fall in the price of crude since 2014 has prompted cutbacks in oil industry investments, including the hunt for new reserves.

(Reporting by Stine Jacobsen, writing by Terje Solsvik, editing by Camilla Knudsen)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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