Norway Offshore Oil Spending to Defy Slump, Industry Group Says
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Norwegian offshore oil and natural-gas investment will rise through 2014, defying a global economic slowdown, as recent discoveries and gains in crude prices bolster production, according to the industry’s trade body.
Annual spending will rise to 185 billion kroner ($32 billion) in 2014 from 153 billion kroner this year before dropping off in 2015, the Norwegian Oil Industry Association said in a statement. “Continued buoyant activity in Asia is keeping oil prices at a relatively high level,” it said.