RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2014-09-04 18:05:00

NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%, $29.84 BLN

NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN

Norway's oil and gas investments, a key ingredient of economic growth, are expected to fall more than expected in 2015, a survey showed on Wednesday, weakening the crown and increasing the chance interest rates will be kept low.

Investment on the Norwegian continental shelf (NCS) is now expected to fall 13.9 percent in 2015 from 2014, a faster rate than the 12.3 percent year-on-year drop expected in June, when compared with the same forecast released in June last year.

Companies are now expected to invest 185 billion Norwegian crowns ($29.84 billion) in the sector down from 215 billion crowns in 2014.

"The new forecast indicates a steeper decline in oil investments compared to the central bank's forecast in June and it points to a lower interest rate path," said Kyrre Aamdal, chief economist at DNB Markets.

When adjusting for inflation, the drop could be even bigger than the survey suggests.

"The new forecast means a decline of about 15 percent in 2015 from 2014, which could have a negative impact on GDP by 0.2 percentage points," Aamdal said.

Norway, one of the best-performing economies through Europe's crisis, has struggled in recent quarters due to weak exports and consumption. Its fortunes could sour further as its energy firms, which account for nearly a quarter of the economy, cancel or delay some of their biggest projects.

In June, the Norwegian central bank, which has held rates steady at 1.5 percent, cited lower 2015 oil investment forecasts as one of the main reasons for cutting its guidance on interest rates.

Norges Bank said it did not expect to raise rates until 2016, against previous guidance for next summer, and could even cut rates. Its next interest rate decision is due later this month.

Last week, the Norwegian agency tasked with managing oil and gas resources told Reuters it expected no new development plans for fields to be submitted this year. In June, a few had been expected and in January, some 13 plans were expected to be submitted in 2014/2015.

The crown weakened to 8.1541 at 0825 GMT from 8.1283 before the data was released. (1 US dollar = 6.1989 Norwegian krone)

reuters.com

Tags: NORWAY, OIL, GAS
Chronicle:
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 13:04:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 13:03:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 13:02:00
TRANSPORTATION OIL AND GAS CONGRASS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 13:01:00
Pipelines In A Sustainable Future And Other Highlights Of TOGC 2023(TOGC 2023)
Transportation Oil and Gas Congress (TOGC) is held on February, 20-21, 2023, Istanbul, Türkiye. During 2 days of intensive networking participants get direct access to the whole pipeline chain. Among the highlights of the program are Panels, show type sessions based on discussion between panelists. They discuss the role of pipelines in a sustainable future, digital transformation and optimization of the pipeline industry, pipeline economics and pipeline integrity, H2 in Gas Grid.
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 13:00:00
RUSSIAN NUCLEAR FOR BRAZIL
Russia and Brazil already have ties in the nuclear energy field with an MoU signed in 2017 by Rosatom and Brazil’s Electrobras and Electonuclear to promote cooperation in nuclear power.
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 12:59:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
NORWAY: OIL INVESTMENT WILL DOWN BY 13.5%,  $29.84 BLN
2022, October, 6, 12:58:00
DISCUSSING LNG MARKET TRENDS AT LNGCON 2023
The closed-door International LNG Congress 2023 assembles top-level management and technical representatives of the LNG industry to discuss prevailing questions and present innovative solutions in Dusseldorf, Germany on March, 6-7, 2023.
All Publications »