Norway's Prime Minister Erna Solberg might have been wrong when she suggested last week that a major package of proposed tax measures would stimulate new investments in the oil, gas and supply industries.

At Upstream's request, global research and consultancy group Wood Mackenzie has reviewed the tax-relief package proposed last week by the government. It concluded that it is unlikely that any investment decision would be changed based on the current proposed terms. In other words, the proposed tax-relief package would not reduce the break-even price required for projects to achieve a 10% rate of return.