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Norway’s oil industry faces weaker outlook amid rising cost -report

The Norwegian oil industry faces weaker earnings margins in the coming years as the smaller size of new discoveries in recent years leads to a higher per-barrel development costs, Statistics Norway (SSB) said in a report on Tuesday.

“In a long-term prespective, it appears that the downturn that began in 2013, when output and prices fell, may have marked the turning point for Norway’s oil industry,” SSB said.
Source: Reuters (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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