Norway oil companies raise 2023 and 2024 investment forecasts (updated)
25/05/2023 07:49
(Adds SSB quote, 2024 investment forecast)
OSLO, May 25 (Reuters) - Norwegian oil and gas companies
have increased their investment forecasts for 2023 and 2024 due
to cost inflation, a national statistics office (SSB) survey
showed on Thursday.
The country's biggest business sector now expects to invest
197.8 billion Norwegian crowns ($18.86 billion) in 2023, up from
a forecast of 187.8 billion made in February, SSB said.
"There have been no new projects (added since the previous
survey), so the increase is in already existing fields... Some
of the increase in the estimate is related to the growth in the
prices of many investment goods," SSB added.
Official statistics showed investment prices in the
petroleum sector increasing by 8.1% in the first quarter from a
year earlier.
SSB also said weakening of the Norwegian crown against U.S.
dollar and euro had reinforced price increase measured in
crowns.
Oil companies also raised their investment forecast for next
year to 181.9 billion crowns, from an initial estimate of 178.6
billion in February.
($1 = 10.4882 Norwegian crowns)
(Reporting by Nerijus Adomaitis; Editing by Terje Solsvik and
Christopher Cushing)
((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))