Norway's oil, gas firms raise investment forecasts



OSLO, Aug 18 (Reuters) - Norway's oil and gas firms have raised their investment forecasts for 2022 and 2023 as they plan to explore more and develop new projects, a national statistics office (SSB) survey showed on Thursday.

The country's biggest business sector now expects to invest 172.8 billion Norwegian crowns ($17.7 billion) in 2022, up from a forecast of 167.2 billion made in May, the SSB said.

Next year's investments are seen at 135.3 billion crowns, up from a previous view of 130.6 billion, but the figure is expected to increase as companies plan to approve more projects by the end of this year, it added.

Spending on new offshore fields is only included in the survey when companies submit plans for development and operation (PDO) to the authorities.

Norway's temporary tax incentives for investment into new developments expire by the end of this year, and SSB said it expected "a very high number" of new PDOs by then, including Equinor's EQNR.OL Wisting and Aker BP's AKRBP.OL NOAKA and King Lear.

"If the schedules for the expected projects are maintained, there will be significantly higher investments in field development in 2023 than what is currently included in the survey," it added.

($1 = 9.7468 Norwegian crowns)



Norway oil investments Link



Reporting by Nerijus Adomaitis; editing by Terje Solsvik and
Jason Neely

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.