23 November 2018, News Wires — Oil and gas companies operating in Norway have raised their investment forecasts for 2019 to 175.3 billion Norwegian crowns ($20.6 billion) from 165.1 billion seen in August, a survey by the country’s statistics agency (SSB) showed on Thursday.
While budgets for 2019 point to an increase in investments next year, the numbers can still change in the time ahead as plans are sanctioned by companies and presented to regulators for approval.
Investments for 2018 were revised to 155.5 billion crowns from 156.3 billion.
Norway’s oil and gas investments have rebounded from a sharp fall as rising crude prices and cost cuts lift industry activity. It was SSB’s third release of companies’ forecasts for 2019 and the seventh prediction for 2018.
Equinor is Norway’s largest oil firm. ($1 = 8.5108 Norwegian crowns)