Renewable Energy

Norway oil industry raises 2019, 2020 investment forecast

Credit: REUTERS/NERIJUS ADOMAITIS

Oil and gas companies working in Norway have sharply raised their 2019 and 2020 investment forecasts as more field development plans were added, a survey by the country's statistics agency (SSB) showed on Tuesday.

OSLO, May 28 (Reuters) - Oil and gas companies working in Norway have sharply raised their 2019 and 2020 investment forecasts as more field development plans were added, a survey by the country's statistics agency (SSB) showed on Tuesday.

Investments for 2019 are now seen at 183.7 billion Norwegian crowns ($21.11 billion), up from 172.7 billion crowns seen in February.

In 2020 investments are projected to be 172.4 billion crowns, higher than the 158.5 billion seen three months ago and subject to potential upward revision in the months to come, it added.

($1 = 8.7019 Norwegian crowns)

(Reporting by Terje Solsvik, editing by Nerijus Adomaitis)

((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters Messaging: terje.solsvik.thomsonreuters.com@reuters.net))

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