Tuesday, July 23, 2019

Norway Oil Firms Lower 2019 CapEx Forecast

February 21, 2019

A typical offshore Equinor operation. CREDIT: Equinor

Oil and gas companies operating in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.06 billion) from 175.3 billion crowns seen in November, a survey by the country's statistics agency (SSB) showed on Thursday.

In 2020, investments are expected to fall to 158.5 billion crowns according to initial forecasts, SSB said.

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 fourth release of companies' forecasts for 2019 and the first for 2020.

Equinor is Norway's largest oil firm.

Reporting by Gwladys Fouche

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