Norway Oil Investment To Fall Less Than Expected - Lobby Group



Norway Oil Investment To Fall Less Than Expected - Lobby Group
Oil and gas investments in Norway are expected to fall for a fourth consecutive year in 2018 but will turn higher in 2019.

Reuters

OSLO, Dec 12 (Reuters) - Oil and gas investments in Norway are expected to fall for a fourth consecutive year in 2018 to 143.3 billion Norwegian crowns ($17.20 billion), but will since turn higher in 2019, an industry lobby group predicted on Tuesday.

The Norwegian Oil and Gas Association a year ago predicted investments would fall to 131 billion crowns in 2018, based on an oil price of around $50 per barrel.

Oil companies are expected to submit 10 new field developments for government approval by end of 2017, and a further six plans in 2018, helped by higher oil prices and falling costs.

The lobby group expects oil and gas investments in 2019 at 153 billion crowns (revised from a year-ago forecast of 137 billion), 2020 at 159.4 billion (127 billion), and 2021 at 136.6 billion (126 billion).

For the first time it gave forecast for 2022, with investments expected at 111.3 billion crowns.

($1 = 8.3304 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)



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