Report claims Norwegian offshore investments will drop by 19.5% next year

Report claims Norwegian offshore investments will drop by 19.5% next year

Investments in Norway’s oil and gas sector will fall by nearly 40% from 2014 to 2017, according to a report out from the Norwegian Oil and Gas Association.

Offshore investments will slide to a seven-year low of NOK132bn ($15bn) in 2017 from NOK216bn in 2014, a 38.9% drop, the report said. Next year investments will drop by 19.5% over 2015’s figure, the association estimated.

“If it were to go this badly, the economy would be hit and the risk of contamination to other sectors will grow. It would also lead to bigger rate cuts from the central bank,” Nordea Markets economist Erik Bruce commented.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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