Norway ramps up oil, gas investments amid price spikes

Norway's oil and gas producers have raised their investment forecasts for this year and next, after signing off on new projects, encouraged by soaring prices, the country's national statistics office reported on November 17.

Some 175.3bn kroner ($17.4bn) is now expected to be invested in the country this year, versus an August forecast of 172.8bn, the statistics office said. Investments in 2023 are set to reach 149.7bn kroner, up from a previous projection of 135.3bn, and the figure is expected to rise further as more projects are approved.

Investment on fields is only included in the office's survey when companies submit plans for development and operation of projects to authorities.

Norwegian producers have an added incentive to approve projects in 2022, as a tax incentive provided by the government during the COVID-19 pandemic is due to expire at the end of the year. More than a dozen projects are expected to be approved before the expiry date. But hindering factors to new approvals have been post-coronavirus supply chain issues and escalating costs.