SSB: Investments in Norwegian oil, energy, and industry expected to fall by 8%

Johan Sverdrup fieldPhoto: Carina Johansen / NTB

Investments in oil and gas, industry, mining, and power supply fell by 1.4% from 2019 to 2020. This year, a total decline of around 8% is expected.

A total of NOK 246.2 billion in investments was made last year, a decrease of 1.4% from the previous year, figures from Statistics Norway (SSB) show.

In industry, the decline was as much as 15%. The downturn came especially in the oil refining, chemical, and pharmaceutical industries.

Investments made in power supply fell by 1%, but investments were still at a high level historically speaking. 

However, investments in the oil and gas industry grew by 1%.

“This shows how important the oil package (of measures) was and that it works as intended. Many jobs have been saved, and projects that will provide the community with large revenues are being implemented in line with the plans before the corona crisis,” CEO Anniken Hauglie of Norwegian Oil and Gas told news bureau NTB.

But this year, companies estimate an overall decline of about 8% in the listed industries.

Sharp decline in oil and gas expected

“The decline in 2021 is driven in particular by the fact that a sharp decline in oil and gas activities is expected. Power supply and industry will also contribute to the negative development,” the SSB warns.

The estimate for oil investments, on the other hand, is adjusted further upwards. 

The operators on the Norwegian continental shelf estimate that the investments will be NOK 173.6 billion, which is 4.4% more than the estimate given in the previous quarter.

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

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