Norway’s oil and gas investments on the decline

Statistics Norway reported Wednesday that investments in oil and gas extraction, as well as pipeline transport, for next year is estimated at $17.2 billion, which is 3.6 percent lower than its previous estimate for 2017. "The decline is mainly due to lower estimates for exploration and shutdown and removal," the government data agency reported. The National Petroleum Directorate said preliminary production estimates for oil, natural gas liquids and condensate was about 30 percent higher than the previous month. Nevertheless, Norway's biggest industry is cutting back on plans as crude oil prices hold steady at levels that are roughly 50 percent less than they were two years ago. (International Business Times)



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