New oil investments record on the horizon

Oil companies envisage spending more than ever on the Norwegian Continental Shelf. Growth is levelling off and is only a third of the 2012 to 2013 period, however.

Publisert: Publisert:

The oil industry envisages spending more money than ever on the Norwegian Continental Shelf in 2014, but investments in existing fields are declining. Foto: Fredrik Refvem

NCS operators estimate they will invest more money in the oil and gas industry than ever this year.

Companies expect these will be NOK 223.7bn (about USD 37.45bn) for the NCS in 2014.

This is up NOK 14bn (some USD 2.34bn) on 2013's NCS investments.

Statistics Norway's (SSB) investment estimate is based on oil companies' own.

It shows the industry has adjusted what they have planned to use money on in 2014 from the previous quarter.

The figures are NOK 3.5bn (about USD 586.54bn) more on exploration and NOK 1bn (roughly 167.56m) more on field development.

Investment estimates for oil fields already in operation are NOK 3.8bn less (some USD 636.7m).

NCS investments increased by 21 per cent from 2012 to 2013.

The NCS investments increase will be 7 per cent for 2013-2014 should 2014 investment estimates prove correct.