Crude Collapse Forces Cuts in Norway Investment Forecasts
- Norway crude oil production seen declining through 2019
- NPD sees number of exploration wells dropping to 30 this year
This article is for subscribers only.
Norway, western Europe’s biggest oil producer, cut its investment forecasts for the second consecutive year amid a deepening collapse in crude prices.
Investments, excluding exploration, will drop about 10 percent to 135 billion kroner ($15 billion) this year and will continue falling to less than 120 billion kroner in 2018, the Norwegian Petroleum Directorate, the country’s oil-industry regulator, said in a report Thursday. Investments won’t rise again until 2019, a year later than the NPD predicted 12 months ago.