Norway oil and gas firms raise 2022 investment forecasts
Norway’s oil and gas companies have raised their investment forecasts for 2022 as they take advantage of high petroleum prices and tax incentives to boost activity, a national statistics office (SSB) survey showed on Friday.
The biggest business sector in Norway now expects to invest 167.2 billion Norwegian crowns ($17.57 billion) in 2022, up from a forecast of 159.5 billion crowns made in February, SSB said.
“The upward adjustment for 2022 is driven by higher estimates within the categories field development, onshore activity and exploration and concept studies,” the agency said in a statement.
Preliminary predictions for 2023 project investment of 130.6 billion crowns, down from 131.4 billion crowns forecast three months ago. The forecasts, however, remain subject to large revisions as more plans are prepared in coming quarters.
“New developments will significantly increase the estimate for 2023,” SSB said.
Source: Reuters (Reporting by Terje Solsvik Editing by Jan Harvey and David Goodman )