Earnings from the key industry are set to further swell the country’s ballooning Petroleum Fund – currently at more than Nkr4730 billion – with Finance Minister Sigbjorn Johnsen earmarking Nkr135 billion, or 2.9%, of the fund for use in his 2014 Budget proposal presented to parliament on Monday.
However,net cash flow to the state from the oil and gas sector is on a declining trend,according to Finance Ministry figures, with the Nkr344 billion earned this yeardown from Nkr395 billion in 2012 and set to fall further to Nkr314 billion in2014 and Nkr282 billion in 2015.
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