Norwegian oil and gas investments will probably hit a five-year high next year, extending a recovery that has boosted the economy, a survey by Statistics Norway (SSB) showed on Nov. 21.
The closely watched forecasts, based on data from oil and gas companies working in Norway, showed 2019 and 2020 investment plans had been raised since August.
Norway’s central bank raised interest rates four times since September 2018, as oil investment rebounded from a 2015-2017 slump, but it has since put monetary policy on hold.
Oil industry investments are now seen at 182.9 billion Norwegian crowns (US$20.0 billion) in 2019, up from the 181.7 billion crowns forecast in August, SSB said.
In 2020, investments are projected to be 182.6 billion crowns, higher than the 174 billion crowns seen in August, it said, saying this could rise further in coming quarters as more project plans were added.
($1 = 9.1428 Norwegian crowns)
Recommended Reading
Biden Administration Criticized for Limits to Arctic Oil, Gas Drilling
2024-04-19 - The Bureau of Land Management is limiting new oil and gas leasing in the Arctic and also shut down a road proposal for industrial mining purposes.
Exclusive: The Politics, Realities and Benefits of Natural Gas
2024-04-19 - Replacing just 5% of coal-fired power plants with U.S. LNG — even at average methane and greenhouse-gas emissions intensity — could reduce energy sector emissions by 30% globally, says Chris Treanor, PAGE Coalition executive director.
Renewed US Sanctions to Complicate Venezuelan Oil Sales, Not Stop Them
2024-04-19 - Venezuela’s oil exports to world markets will not stop, despite reimposed sanctions by Washington, and will likely continue to flow with the help of Iran—as well as China and Russia.
US Orders Most Companies to Wind Down Operations in Venezuela by May
2024-04-17 - The U.S. Office of Foreign Assets Control issued a new license related to Venezuela that gives companies until the end of May to wind down operations following a lack of progress on national elections.