Exploration & Production

Norway’s upstream investment to tumble further

Norway has slashed its forecasts for investment on its continental shelf in 2017 in a move that has surprised industry experts Norway has slashed its forecasts for investment on its continental shelf in 2017 in a move that has surprised industry experts.
By Annemarie Botzki 30 August 2016 0 21707
A Statoil rig in the North Sea. The company looks set to cut upstream investment. (Harald Pettersen/Statoil)

Investment on the Norwegian Continental Shelf (NCS) is set to fall more sharply than previously thought even though development costs have dropped by 40% since the autumn of 2014.

Spending in the Norwegian oil and gas sector is estimated to decline by 17.5% year on year in 2016, to NOK 163.5 billion ($19.66 billion). This is 1.5% lower than an estimate for the same period made in May, which was for NOK 165.9 billion, according to a quarterly survey by the Norwegian statistical office.

The...