Statistics Norway: Number of Active Rigs on Norwegian Shelf to Fall in 2016
The number of active rigs on the Norwegian Shelf is expected to decrease in 2016 due to low oil prices and operator processes to cut rig costs, according to a new survey by Statistics Norway.
Investments in oil and gas extraction and pipeline transport for 2016 are estimated at $19.7 billion, which is 9.3 percent lower than the corresponding estimate for 2015 given in the fourth quarter of 2014, and 5.6 percent lower than the estimate given in the previous quarter. As a result of this decreased investment, there is expected to be a “sharp decline” in the number of exploration wells drilled in the region next year, according to Statistics Norway.
The investments in oil and gas extraction and pipeline transport for 2015 remain unchanged from the previous estimate of $22.3 billion.
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