Investments in the oil and gas sector in Norway are set to hit a record high this year, due to higher development activity on new projects and the cost inflation in the industry, Statistics Norway said on Thursday in its fourth-quarter survey of companies’ investment plans. Total investments in oil and gas activity, including pipeline transportation, are now estimated at $22.9 billion 256 billion Norwegian crowns for this year, according to Norway’s statistics office.
Increased exploration activity, pipeline transportation, and shutdown and removal this year also contribute to the growth in investments. Investment is expected to be high next year, too, and is “mainly due to significant higher reported cost estimates on some development projects,” Norway’s statistics agency said. Norway expects its oil liquids production to rise by 5.2% next year from 2024, while natural gas production is set to slightly drop by 1.
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