Norway acknowledges energy market pressures

Norway estimated a general government surplus of $20 billion over the last four quarters, down by more than $7.2 billion from the preceding four-quarter period. Last week, the government's statistics office said total investments in oil and gas extraction, and pipeline transport for the year are estimated to reach just under $20 billion, a 1.5% decline from the previous full-year estimate. Total investments in oil, gas, mining and other parts of the electricity supply will reach $26 billion, a figure that's 12.3% lower than last year. Oil production has fallen steadily since 2001, though recovery is expected once new fields like Johan Sverdrup and Johan Castberg come online in the coming years. Norwegian energy company Statoil said the cost to operate the former has improved so that it will be competitive at lower oil prices. It recently dusted off plans, meanwhile, to develop the latter. (International Business Times)



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