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Norwegian oil and gas companies have increased their investment plans
in recent months as more exploration and development projects are prepared and some costs increase, according to an industry survey conducted Thursday by Statistics Norway (SSB).
Statistics Norway said its investment forecast for 2021 had improved by 12 percent
.
Investment levels, which affect both the near-term growth of the Norwegian economy and the country's long-term oil production, are still expected to decline from 2020 to 2021, but less so than expected
three months ago.
Investment in Norway's main economic sectors is expected to reach 166.
3 billion crowns ($18.
47 billion) next year, up from 148.
6 billion crowns ($16.
5 billion)
forecast in August, Statistics Norway said.
Meanwhile, investments in 2020 will reach 182.
5 billion crowns ($20.
27 billion), down from 184.
6 billion crowns ($20.
5 billion)
previously.
Oil companies, including Equinor, have resumed development of some projects after the Norwegian parliament granted tax breaks in June to stimulate investment and protect jobs during the COVID-19 pandemic
.
Norwegian oil and gas companies have increased their investment plans
in recent months as more exploration and development projects are prepared and some costs increase, according to an industry survey conducted Thursday by Statistics Norway (SSB).
Statistics Norway said its investment forecast for 2021 had improved by 12 percent
.
Investment levels, which affect both the near-term growth of the Norwegian economy and the country's long-term oil production, are still expected to decline from 2020 to 2021, but less so than expected
three months ago.
Investment in Norway's main economic sectors is expected to reach 166.
3 billion crowns ($18.
47 billion) next year, up from 148.
6 billion crowns ($16.
5 billion)
forecast in August, Statistics Norway said.
Meanwhile, investments in 2020 will reach 182.
5 billion crowns ($20.
27 billion), down from 184.
6 billion crowns ($20.
5 billion)
previously.
Oil companies, including Equinor, have resumed development of some projects after the Norwegian parliament granted tax breaks in June to stimulate investment and protect jobs during the COVID-19 pandemic
.
