Norwegian oil and gas organization expects high levels of investment on the Norwegian continental shelf

Johan Sverdrup oil fieldPhoto: Carina Johansen / NTB
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The industry organization Norwegian Oil and Gas believes that investments on the Norwegian shelf will decline in 2022 but expects a further increase up to 2026.

The total investments for 2022 are estimated at NOK 174 billion, which corresponds to a decrease of 6% from 2021 to 2022 measured in fixed prices, the organization stated in a press release.

From 2023, Norwegian Oil and Gas expects investments to increase again.

“This year’s investment analysis gives reason for optimism. From 2022 to 2025, we expect a moderate increase in the level of investment on the Norwegian shelf,” chief economist Ellen Bakken in Norwegian Oil and Gas stated.

She believes that the package of measures for the oil industry that the Norwegian parliament (Storting) adopted in 2020 is now showing results.

“The investment estimate for 2022 indicates approximately the same investment level for 2022 as we expected before the pandemic. This shows that the package of measures has worked as intended,” Bakken said.

From 2022 to 2025, Norwegian Oil and Gas believes investments will increase from NOK 174 billion to NOK 192 billion.

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

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