Director believes in challenging year for the oil industry

oil industry climateOil industry.Photo: pixabay.com

Both this year and 2018 are going to be challenging for the oil industry, according to Director General Bente Nyland. Last year, it invested 135 billion on the Norwegian shelf.

On Thursday the Oil Directorate’s report on 2016was released. There, it emerged that last year the investing sum was around 50 billion lower than in the peak years 2013 and 2014.
Although the two years that lie ahead will be demanding, Nyland believes that there will be rising investment from 2019.
Nyland says a high level of oil production in 2016 including required regularity on the fields and streamlining measures have led to significant reductions in operating and exploration costs.
– The foundation is now laid for improved profitability in both existing and new projects. It is an important prerequisite for us to maintain a high level of activity in the coming years, says the Director in a statement.
Source: NTB scanpix / Norway Today

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