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Norway oil firms lower 2019 investment forecast

Baku, February 22, AZERTAC

Oil and gas companies operating in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.06 billion) from 175.3 billion crowns seen in November, a survey by the country’s statistics agency (SSB) showed on Thursday, according to Reuters.

In 2020, investments are expected to fall to 158.5 billion crowns according to initial forecasts, SSB said.

Norway’s oil and gas investments have rebounded from a sharp fall as rising crude prices and cost cuts lift industry activity. It was SSB’s fourth release of companies’ forecasts for 2019 and the first for 2020.

Equinor is Norway’s largest oil firm.

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