Tag Archives: SSB

Reuters: Norway oil firms slash investment plans amid pandemic

OSLO (Reuters) – Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.

The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, the data showed.

Next year, investment in Norway’s oil sector is now projected at 145.6 billion crowns, compared with a forecast of 152 billion three months ago, SSB said.

Read entire article HERE.

SSB: Upturn in the Norwegian economy soon over

Global economy experiencing slow decline

The outlook for the global economy has improved in recent months. The likelihood of the UK leaving the EU without a deal is now significantly less, and the deadline for the Trump administration imposing import tariffs on European cars has now passed. Our forecasts for the international economy have therefore been revised up since the last time, but the international economic downturn is still expected to continue in the years ahead.

Fiscal policy still almost cyclically neutral

Fiscal policy has been approximately cyclically neutral in recent years. Although growth in public investment and consumption is expected to be somewhat below the trend growth, the ageing population will push up spending on retirement pensions and other benefits. The combination of cyclically neutral expenditure growth and small changes in the tax level means that the budgetary impulse is expected to remain almost constant throughout the projection period. The structural non-oil public deficit will be well below 3 per cent of the value of the oil fund by 2022.

Read the entire article HERE.

Reuters: Norway’s oil industry eyes 17% growth in 2019 investments

OSLO (Reuters) – Oil and gas companies working in Norway have hiked their 2019 and 2020 investment forecasts as they add more field development plans, a survey by the country’s statistics agency (SSB) showed on Tuesday.

Higher investment raises the prospect of further interest rate hikes by Norway’s central bank, economists said, as the data helped lift the crown to an almost four-week high against the euro.

Investments are now seen at a four-year high of 183.7 billion Norwegian crowns ($21.11 billion) in 2019, up from the 172.7 billion crowns seen in February, according to SSB, which collects the data from oil firms.

“The oil companies’ latest estimates for 2019 suggest an increase of as much as 17% compared with the corresponding figure for 2018,” the agency said in a statement. 

Read entire article HERE.

Reuters: Norway oil sector lowers 2019 investment forecast

Oil and gas companies working in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.1 billion) from 175.3 billion crowns seen in November, a survey by the country’s statistics agency (SSB) showed on Thursday.

In 2020 investments are expected to fall to 158.5 billion crowns, according to initial forecasts, though the forecasts could be revised upwards in the months to come, it added.

Read entire article HERE.

See the SSB article on the survey (Norwegian) HERE.