Even lower oil investments than previously announced

RigOil rig.Photo: pixabay.com

Oil investment next year will fall more than previously announced, according to Statistics Norway. The estimate is 18.2 percent lower than in 2016.

Total investments in oil and gas, manufacturing, mining and electricity supply for 2017 is estimated at 196.8 billion kroner, according to Statistics Norway (SSB).

This is 13.5 percent lower than the corresponding estimate for 2016 given in the fourth quarter of 2015.

The decrease in 2017 is indicated to be driven by a significant decrease in oil and gas operations. The industry also contributes negatively, while prospects for major investments in power helps to dampen the overall decline.

For the oil and gas sector alone, including pipeline transportation, the investment estimate is 146.6 billion kroner next year.

That’s a whole 18.2 per cent lower than the estimate for 2016, which was estimated in the fourth quarter of 2015 and 3.6 percent lower than the figure stated in the previous quarter.

 

Source: NTB scanpix / Norway Today

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