The bank is predicting 5.6% growth in onshore spending, fuelled by the US shale boom, and 1.3% in offshore investment despite capital expenditure cutbacks on exploration and production by oil companies such as Shell, Statoil and ExxonMobil as they seek to boost return on their investments.
DNB president Rune Bjerke told a seminar at the ONS conference in Stavanger that recent years have seen a shift in strategy by industry players to focus on value management, rather than production growth, as they trim their asset portfolios and focus on more profitable projects.
The
