• 2 hours Oklahoma Rig Explodes, Leaving Five Missing
  • 4 hours Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 7 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 9 hours Libya’s NOC Restarts Oil Fields
  • 10 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 3 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 4 days Kinder Morgan Delays Trans Mountain Launch Again
  • 4 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 5 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 6 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
  • 7 days China Unlikely To Maintain Record Oil Product Exports
2018: A Breakout Year For Clean Energy

2018: A Breakout Year For Clean Energy

2018 is poised to be…

The Least Compliant Country In The OPEC Deal

The Least Compliant Country In The OPEC Deal

Kazakhstan committed to cutting production…

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