Norway to raise investment in oil projects to 188 billion kroner
Projects still need to be officially approved by the government
Norway's oil and gas companies have significantly raised their investment forecasts for 2023, proposing more than a dozen new projects at the end of last year, a survey by the National Statistics Office showed on Thursday.
Source. Reuters
Details. The largest sector of Norwegian business now expects to invest 187.8 billion Norwegian kroner in 2023, up from a forecast of 149.7 billion in November, the office said.
In 2024, the volume of investments could reach 178.6 billion kroner, according to an initial estimate.
Oil companies rushed to put forward new projects by the end of 2022, when temporary tax breaks approved by parliament in 2020 to support offshore investment were set to expire.
Aker BP has put forward a $10 billion development plan for the Yggdrasil project, formerly called NOAKA.
The costs of new offshore fields are included in the study only when companies submit development and operation plans to the authorities.
The projects still have to be formally approved by the government and, in many cases, by parliament, but this is not expected to pose any problems for their implementation.
Background. As a reminder, today Norway approved a 5-year assistance program for Ukraine worth almost EUR 7 billion.
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