Norway to Face More Oil-Project Delays as Crude Price Declines
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Norway, seeking to halt a decade’s decline in oil production, said falling crude prices will cause more delays to offshore developments already threatened by investment cuts and rising costs.
Oil prices have become a more important factor in the financial decisions of companies, Bente Nyland, director of the Norwegian Petroleum Directorate, said today. None of the 14 development plans the NPD expected in 2014 and 2015 have yet been presented, she said.