Norway raises 2008 oil and gas investment forecast

Mar 06, 2008 01:00 AM

Investment in Norway's oil and gas industry, including pipeline transportation, is forecast to reach NOK 130.2 bn (EUR 16 bn) in 2008, up from NOK 109 bn in 2007, Statistics Norway said. The latest forecast represents an increase of NOK 3.4 bn compared with the estimates given in the previous quarter, it said.
"The increase is due to higher investments in field development and fields on stream," the bureau said.

Total investments in oil and gas extraction and pipeline transport in 2007 were 13.6 bn higher than in 2006. The gain in 2007 was because of increased investments in all areas except pipeline transportation and onshore activity, the report found.
Investments for exploration activity in 2008 are now estimated at NOK 29.3 bn, NOK 6.3 bn up on the corresponding estimate for 2007. But the forecast is NOK 0.4 bn lower than the estimate for 2008 given in the fourth quarter of 2007.

Investments for field development and fields on stream in 2008 are now seen at NOK 95.7 bn.
This is NOK 4.5 bn higher than the estimate given in the previous quarter.

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