Norway investments set for new high

Spend, spend, spend: in Norway's oil and gas sector

Steve Marshall

 06 March 2013 11:48 GMT

Investments in Norway’s booming oil and gas sector are set to hit a record Nkr198.7 billion ($34.8 billion) this year, after reaching Nkr172.5 billion in 2012, although the figure is down on an earlier forecast from the country’s statistics agency.

The forecast for 2013 has been cut by Nkr9.1 billion compared with Statistics Norway’s previous prognosis, mainly due to expected reduced spending on exploration and fields in operation.

Expenditure on exploration and producing fields is now estimated at Nkr32.8 billion and Nkr96.2 billion respectively this year, while spending on new developments is seen slightly up on the earlier forecast at Nkr64 billion.

The reduced estimate was reportedly attributed by some analysts to capacity constraints as the country’s supply industry feels the strain of high offshore activity, while rigs for exploration and production drilling are in short supply.

The cut in planned investment could…

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