SSB alerts even lower oil investments

Goliat fieldGoliat field.Photo: Jan-Morten Bjørnbakk / NTB scanpix

Oil investments will fall also next year, according to figures from Statistics Norway. The estimate is 14.6 percent lower than for 2016.

The total investment in oil and gas, industrial, mining and power supply are in the first-time estimate for 2017 estimated at 200.6 billion, reports Statistics Norway (SSB).

This is 14.6 percent lower than the corresponding estimate for investment in the current year.
The decline is due to the expectation of a further fall in investment in the oil and gas business and industry. The decline in the overall investment in 2017 is somewhat restrained by the increase within power supply.

For the oil and gas business alone, including transport, the investment estimate is on 153.2 billion next year. That is a whole 18.7 percent lower compared to the estimate for 2016 in the second quarter last year.

-Something is going up again
-These figures confirm that the decline will slow down. We expect that investment will pick something up again from 2018. It is absolutely necessary that the costs in the industry be reduced, if we are to be competitive in the future, “said Executive Director of Norwegian oil and gas, Karl Eirik Schjøtt-Pedersen, in a comment to the numbers.


Source: NTB scanpix / Norway Today