Norway’s oil and gas companies have raised their investment forecasts for 2022 as they take advantage of high petroleum prices and tax incentives to boost activity, a national statistics office survey showed on Friday.
“The upward adjustment for 2022 is driven by higher estimates within the categories field development, onshore activity and exploration and concept studies,” the agency said in a statement. In 2020 Norway’s parliament approved temporary tax incentives to support oil and gas investment in the face of a crash in petroleum demand because of the pandemic.