Norwegian oil companies raise 2021 investment plans by 12%

Higher cost: A general view of Equinor’s Johan Sverdrup oilfield platforms in the North Sea, Norway. The investment forecast for 2021 has been raised by 12%, and Norwegian oil companies are also expected to present significant oilfield development plans in 2022 in order to meet a deadline for tax relief on new projects. — Reuters

OSLO: Oil and gas firms in Norway have boosted their 2021 investment plans in recent months reflecting higher costs and schedule changes including deferred and accelerated projects, a survey by the statistics office (SSB) showed yesterday.

The investment forecast for 2021 has been raised by 12%, and oil companies are also expected to present significant oilfield development plans in 2022 in order to meet a deadline for tax relief on new projects, SSB said.