Norway oil and gas firms raise 2022 investment forecasts (updated)

Orron Energy AB

27/05/2022 07:19

(Adds quote, 2023 outlook)
    OSLO, May 27 (Reuters) - 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.
 urn:newsml:reuters.com:*:nL8N2US283
    "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.
($1 = 9.5144 Norwegian crowns)

 (Reporting by Terje Solsvik
Editing by Jan Harvey and David Goodman
)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))