EnergyWatch

Norwegian oil industry warns of investment decline in three years

According to a new forecast from the Norwegian Oil and Gas Association, investments on the Norwegian shelf will rise in coming years, only to fall afterward. The next major projects are lacking, says the industry organization.

Photo: Wintershall

In three years, investments on the Norwegian shelf will decline, reveals a new study from employer's organization the Norwegian Oil and Gas Association (Norwegian Oil and Gas). From next year and ahead to 2020, investments will increase to NOK 159.4 billion (USD 190 million), after which they will decline to NOK 136.6 billion and to NOK 111.3 billion in 2022.

While the forecast for 2021 and 2022 is characterized by uncertainty, the figures give a clear indication of the trend, says Karl Eirik Schjøtt-Pedersen, CEO of Norwegian Oil and Gas.

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