Norway’s leading industry has been on the mend for the past two years after a 2014-2016 downturn during which oil companies slashed investments, projects and jobs.
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Norway’s leading industry has been on the mend for the past two years after a 2014-2016 downturn during which oil companies slashed investments, projects and jobs. “We are still in the upturn phase (of the cycle). We have many field developments ongoing.
Last month, BP and independent oil firm Det norske agreed to merge their Norwegian business in a $1.3 billion all-share deal, partly to counter Statoil’s dominant position in the sector.
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The budget said that investment in Norway’s oil and gas fields would amount to some 118 billion crowns next year, still a relatively high level compared to recent years but down from 135 billion
Norway’s daily oil output fell by 4.3 percent in January from December and missed the Norwegian Petroleum Directorate’s forecast for the month by about 0.3 percent, preliminary data from the
Norway’s industrial output jumped at the start of the second quarter after two months of contraction, but the oil industry’s struggles continued to weigh on growth.
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Also, oil extraction was a well understood industry even if new to Norway in the 1960’s. In a country where the voters have long voted for the welfare state and safety its hard to foster the development of taking big and bold risks.
Oil companies are expected to submit 10 new field developments for government approval by end of 2017, and a further six plans in 2018, helped by higher oil prices and falling costs.
Sep 19, 2017 · Established to save oil and gas revenues for future generations, the fund is now worth about 2.5 times Norway’s annual gross domestic product, against original projections it would peak at …
Norway’s oil-industry regulator raised fresh concerns about safety standards slipping in the North Sea during the competition to cut costs forced by a two-year oil-price slump.
Jun 17, 2017 · But oil and gas are vital to Norway’s economy, representing 12 percent of gross domestic product and more than a third of Norwegian exports, according to the nation’s petroleum directorate.