Norway's oil, gas firms raise investment forecasts (updated)
18/08/2022 08:12
(Adds detail, graphic)
OSLO, Aug 18 (Reuters) - Norway's oil and gas firms have
raised their investment forecasts for 2022 and 2023 as they plan
to explore more and develop new projects, a national statistics
office (SSB) survey showed on Thursday.
The country's biggest business sector now expects to invest
172.8 billion Norwegian crowns ($17.7 billion) in 2022, up from
a forecast of 167.2 billion made in May, the SSB
said. urn:newsml:reuters.com:*:nO9N2W2013
Next year's investments are seen at 135.3 billion crowns, up
from a previous view of 130.6 billion, but the figure is
expected to increase as companies plan to approve more projects
by the end of this year, it added.
Spending on new offshore fields is only included in the
survey when companies submit plans for development and operation
(PDO) to the authorities.
Norway's temporary tax incentives for investment into new
developments expire by the end of this year, and SSB said it
expected "a very high number" of new PDOs by then, including
Equinor's EQNR.OL Wisting and Aker BP's AKRBP.OL NOAKA and
King Lear.
"If the schedules for the expected projects are maintained,
there will be significantly higher investments in field
development in 2023 than what is currently included in the
survey," it added.
($1 = 9.7468 Norwegian crowns)
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(Reporting by Nerijus Adomaitis; editing by Terje Solsvik and
Jason Neely)
((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))