Investments in oil and gas in Norway increased in 2020

Oseberg oil platformPhoto: Helge Hansen / NTB

Investments in oil and gas in Norway increased last year despite the corona pandemic.

“Last year, investments were at roughly NOK 150 billion. That corresponds to an increase of around 2% compared with the previous year,” director-general of the Norwegian Petroleum Directorate Ingrid Sølvberg noted.

This year, investments of around NOK 140 billion are expected. Next year they are expected to fall slightly, and then rise again.

The high level of investment is due to, among other things, the fact that several new fields are under development.

The Norwegian Petroleum Directorate has also raised its investment forecast over the next five years. 

The crisis package for the oil sector, which was adopted by the Norwegian parliament (Storting) in June last year, has been an important contribution to the increased activity.

Around 50 exploration wells were planned for 2020, but only 31 were launched. 

New discoveries

In these, 14 discoveries were made – seven in the North Sea and seven in the Norwegian Sea. 

Other exploration wells have been postponed, mainly due to the corona pandemic. 

The Norwegian Petroleum Directorate expects 40 exploration wells to be drilled this year.

At the turn of the year, 90 fields were in production on the Norwegian shelf. 

Four new ones were put into operation last year: Tor, Skogul, Ærfugl, and Dvalin.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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