Norwegian oil industry is still adding investment

According to today’s oil price report on May 27th, Statistics Norway stated in its quarterly survey on Wednesday that compared with its forecast three months ago, oil companies expect to spend more on Norwegian offshore oil and gas operations in 2021.

This year, total investment in oil and gas activities, including pipeline transportation, is estimated at 21.

Since the last quarter, the industry has submitted development plans for two oil and gas fields to relevant authorities, which were not included in previous expectations.

The upward revision of expected investment shows that there will be a slight increase of 0.

At the end of last year, the Norwegian Oil and Gas Association stated that compared with 2020, Norwegian offshore oil and gas investment will fall by 4.

The agency pointed out that Norwegian Oil and Gas Corporation does not agree with the assumption that, from the perspective of 2050, OPEC members alone should account for more than half of the global oil and gas production.

Wang Jiajing excerpted and translated from today's oil prices

The original text is as follows:

Norway's Oil Industry Boosts Investment Despite IEA Report

Oil firms expect to spend 4.

    Total investments in oil and gas activity, including pipeline transportation, are now estimated at US$21.

    Since the last quarter, the industry has filed with authorities development plans for two oil and gas fields, which were not included in the previous estimate.

    The upward revision of expected investments now point to slight growth of 0.

    Yet, current estimates for investments in oil and gas in Norway in 2022—albeit higher in the latest survey than in the previous one – still point to an overall drop next year compared to this year.

    At the end of last year, the Norwegian Oil and Gas Association said that investments in oil and gas offshore Norway were set to decline by 4.

    The association, the main industry body and employer's organization for the sector, commented last week on the bombshell report of the International Energy Association (IEA) that suggests no new investments in oil and gas are needed if the world wants to reach net-zero emissions in 2050.

    "Norwegian Oil and Gas does not share the assumption that Opec members alone should account for more than half of oil and gas production for the world market in a 2050 perspective.