Norwegian oil industry is well underway to meet the challenges of lower oil investments and the fall in oil prices , Prime Minister Erna Solberg says.
– There’s not much we can do about the price of oil. We have a supply shock, there is too much oil in the world market. But the entire industry have done their part in meeting the second challenge we had, namely cost, Solberg said when she spoke to the trade organization Norwegian Oil Industry Association ‘s annual conference in Oslo on Thursday.
– Much good has been done, but things still need to be simplified and less bureaucratic, she added.
Solberg noted that the Norwegian petroleum industry is going to be a vital part of the Norwegian economy for a long time.
– The oil adventure is not over. It will continue for many decades to come, she said.
– But even if this is an industry that has both had its upturns and downturns, we can not expect that things will ever be quite as good as they have been in the years just before the oil crisis started.
Source: NTB scanpix / Norway Today