• 4 hours Oil Falls As Trump Tweet Blasts OPEC
  • 1 day Comey vs.Trump, Part 2: Comey's Memos. What's next?
  • 2 days Asian Oil Demand To Hit Record - The Price Per Barrel Continues To Grow
  • 2 days Vistra Energy Says Coal Won't Come Back
  • 1 day Trump's top energy adviser resigns
  • 2 days Walmart and VW's Electrify America Team Up To Build Massive EV Charging Network Across US
  • 1 day Net Income At Saudi Aramco Tops $33 bn in the first half of 2017!
  • 1 day Robot Completes Hardest Job Known to Man
  • 1 day HAPPY RIG COUNT DAY!!
  • 2 days Oil Prices To Fall Below $60?
  • 1 day Venezuela gives Oil Minister 'Extra Powers' to halt production decline
  • 2 days Is Today's Tesla News Good or Bad?
  • 1 day The future of oil and gas exploration in New Zealand
  • 2 days New task force formed-to evaluate postal service
  • 1 day will oil hold?
  • 1 day Anybody Watching Aluminum Stocks Today??
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year

North Sea

Oil and gas investments on the Norwegian Continental Shelf are expected to drop for a fourth consecutive year in 2018, albeit at a slower pace than predicted earlier, according to industry group Norwegian Oil and Gas Association.

Investments in Norway’s oil and gas industry will drop to US$17 billion (143.3 billion Norwegian crowns) in 2018, from US$18 billion (151 billion crowns) expected this year, figures by the industry association showed on Tuesday.

The 2018 drop currently expected will be smaller than the lobby group had predicted a year ago—last year the association had expected next year’s investments to be US$15.6 billion (131 billion crowns), based on an oil price of $50 a barrel.

After 2018, investments are expected to tick up, to reach US$18.3 billion (153 billion crowns) in 2019, and US$19 billion (159.4 billion crowns) in 2020, before dropping off again in 2021 and 2022.

Between 2019 and 2022, two large fields, Johan Sverdrup in the North Sea and Johan Castberg in the Barents Sea, are expected to start operations—in 2019 and 2022, respectively. Norway’s oil major Statoil last week submitted to authorities the plan for developing and operating the Johan Castberg oil field that is expected to take capital expenditures of US$5.89 billion (49 billion Norwegian crowns) and become the northernmost oil field development on the Norwegian Continental Shelf.

Norway’s oil industry and authorities have been warning that unless new discoveries are made, Norwegian oil production faces a steep decline from the early 2020s onwards.

After the oil price crash in 2014, investments in the Norwegian petroleum industry in 2015 and 2016 dropped because companies cut costs, postponed some new projects, and completed major projects. The trends of declining investment levels are expected to level off in the coming years, Norway’s oil industry authorities say.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Rebel on December 13 2017 said:
    After Venezuela, other oil based economies of world are going to collapse soon. Major countries in the world are banning the fossil fuel car by 2030. Only electronic cars will be registered. Era of fossil fuel and countries who got rich by selling is over. It's a harsh reality, they need accept.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News