Oil Firms in Norway Raise Spending Forecasts

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Oil Firms in Norway Raise Spending Forecasts


Category: Business News

Oil and gas firms in Norway have increased their 2021 and 2022 investment forecasts during the last three months as more projects are being developed, a national statistics office (SSB) survey showed on Wednesday.

The biggest business sector in Norway now expects to invest 181.9 billion Norwegian crowns ($21.95 billion) this year, up from a forecast of 173.6 billion made in February, the SSB said.

“The upward adjustment for 2021 is driven by higher estimates within the categories of fields on stream and field development,” SSB said in a statement.

“Among other things, two new plans for development and operation (PDO) have been submitted,” it added.

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Source: Offshore Engineer