Norway oil and gas investments set to soar in 2024, industry says

Okea ASA

13/12/2023 07:30

OSLO, Dec 13 (Reuters) - Oil and gas companies operating
in Norway are expected to invest 240 billion Norwegian crowns
($21.85 billion) in 2024, up from 220.5 billion in 2023, and
more than previously expected, an industry group said on
Wednesday.
    Offshore Norway, which published the new forecast based on a
survey of its members, had previously predicted 2024 oil and gas
investments would amount to 194.3 billion crowns.
    In the years after 2024 investments will gradually decline,
to 166.5 billion in 2028 as major projects are completed.
    Significant oil and gas companies in Norway include Equinor
 EQNR.OL , Aker BP  AKRBP.OL , Vaar  VAR.OL , Conocophillips
 COP.N  and Shell  SHEL.L .
    Norway is western Europe's largest oil and gas producer,
with a total output of just over 4 million barrels of oil
equivalents per day (boepd).
    While the country aims to achieve net zero greenhouse gas
emissions by 2050, it also continues to explore for and develop
new oil and gas fields, including in the Arctic Barents Sea.

($1 = 10.9847 Norwegian crowns)

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))