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Norway oil investment to drop by a fifth: report

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Norway oil investment to drop by a fifth: report
Statoil's Statfjord B oil rig. Photo: Harald Pettersen/Statoil
12:37 CEST+02:00
Investment by oil companies offshore Norway is set to drop by more then $4bn next year, the first fall since 2010, Statistics Norway has predicted in its quarterly oil report.
The agency expects investment to fall by more than 21 percent from this year's record of 231.7 billion kroner ($38bn). 
 
"The decrease is mainly due to significantly lower estimates of field development and fields on stream," the agency wrote in a report posted on Thursday. "The estimates indicate an increased investment in exploration."
 
Investment on field development and producing fields is expected to come to 131.8 billion kroner, 33.4 billion kroner lower than the estimate for 2014. 
 
Marius Gonsholt Hov, an analyst at Svenska Handelsbanken AB (SHBA), said in a note that the “dramatic decline” in oil investments was likely to prevent the country's central bank from raising interest rates until well into the second half of next year. 
 
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