NEWS

It said investments in Norway’s vast offshore sector would rise by around 15% to 171 billion crowns ($28.84 billion) this year, faster than its projection for 11% growth seen in October.

The government also predicted an oil price of 625 crowns per barrel in 2013, when calculated in 2012 crowns, a decline from 650 crowns estimated for 2012.

Non-OPEC Norway is the world’s No. 8 oil exporter and western Europe’s biggest gas exporter.

Its oil production has been declining as North Sea oilfields mature, but its output of natural gas has been on the rise in recent years. ($1 = 5.9286 Norwegian crowns)