Norwegian oil industry's offshore oil and gas business spending will increase by 4.8% this year

According to a report by PetroChina News on May 26, 2021, the Norwegian National Statistics Office stated in its quarterly survey report on Wednesday that, compared with its forecast three months ago, NORWAY is expected to invest in Norwegian offshore oil and gas business this year.

This year, Norway’s total investment in oil and gas activities, including pipeline transportation, is estimated at US$21.

Since the last quarter, Norwegian Petroleum has submitted development plans for two oil and gas fields to the relevant authorities.

The upward revision of expected investment shows that expenditures on Norwegian offshore oil and gas operations will increase slightly by 0.

However, current estimates of Norway’s oil and gas investment in 2022—although the latest survey’s data are higher than the previous survey—still indicate that Norway’s oil and gas investment will generally decline next year compared to this year.

At the end of last year, the Norwegian Petroleum and Natural Gas Association stated that compared with 2020, Norwegian offshore oil and gas investment will fall by 4.

The Norwegian Petroleum and Gas Association commented on a shocking report by the International Energy Agency (IEA) last week, stating that if the world is to achieve net zero emissions by 2050, it does not need to make new investments in oil and gas.

Li Jun compiled from the oil price network

The original text is as follows:

Norway's Oil Industry Boosts Investment Despite IEA Report

Oil firms expect to spend 4.

Total investments in oil and gas activity, including pipeline transportation, are now estimated at US$21.

Since the last quarter, the industry has filed with authorities development plans for two oil and gas fields, which were not included in the previous estimate.

The upward revision of expected investments now point to slight growth of 0.

Yet, current estimates for investments in oil and gas in Norway in 2022—albeit higher in the latest survey than in the previous one – still point to an overall drop next year compared to this year.

At the end of last year, the Norwegian Oil and Gas Association said that investments in oil and gas offshore Norway were set to decline by 4.

The association, the main industry body and employer's organization for the sector, commented last week on the bombshell report of the International Energy Association (IEA) that suggests no new investments in oil and gas are needed if the world wants to reach net-zero emissions in 2050.