EnergyWatch

Oil report claims dry Barents Sea prospects discourage investment

The higher investment level on the Norwegian continental shelf will decline again next year, assesses market analysis firm Maritime Strategies International, citing underwhelming exploratory drillings in the Barents Sea.

Photo: Lundin

Investments in the Norwegian oil sector have increased 20 percent during 2019 relative to last year and are slated to grow to approximately USD 21 billion.

However, this is largely due to the reestablishment of oil field Johan Sverdrup, continued activities at Johan Castberg as well as extension efforts being carried out by, for instance, Neptune and Aker BP at existing wells.

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