Statistics Norway Sees Record Investment in 2014

Norway will step up its attempt to maintain production on current levels, with Statistics Norway expecting a record €25.2 billion investment in 2014. 

‘Total investments in oil and gas activity in 2014, including pipeline transportation, are now estimated at NOK 223.3 billion (€25.2 billion); an increase of NOK 8.2 billion compared with the estimates given in the previous quarter. The estimate for 2013 is adjusted downward to NOK 211.9 billion (€23.9 billion),’ reads a note released by Statistics Norway on Thursday.

The forecasts are in line with previous figures delivered by other institutions.

According to the Norwegian Oil and Gas Association, investments in Norway’s oil and gas industry will peak in 2014 and then will fall, given higher costs, a tax increase and prices uncertainties.

“After almost a decade of declining production from the Norwegian Continental Shelf, we are at another turning point where output has again begun to rise,” the lobby group said last month.