Norway oil firms raise 2022 investment forecasts

Oil and gas firms in Norway have increased their 2022 investment forecasts during the last three months as the industry prepares to take advantage of tax incentives designed to boost activity, a national statistics office (SSB) survey showed on Thursday. The biggest business sector in Norway now expects to invest 154.4 billion Norwegian crowns ($17.6 billion) next year, up from a forecast of 142.0 billion in August, SSB said.

Oil and gas firms in Norway have increased their 2022 investment forecasts during the last three months as the industry prepares to take advantage of tax incentives designed to boost activity, a national statistics office (SSB) survey showed on Thursday.

The biggest business sector in Norway now expects to invest 154.4 billion Norwegian crowns ($17.6 billion) next year, up from a forecast of 142.0 billion in August, SSB said. Despite the increased forecast, investments are still set to decline in 2022 compared to this year. The forecast for 2021 now stands at 182.3 billion, up from 181.5 billion seen in August.

A change in Norwegian tax incentives, introduced last year, will likely trigger a sharp rise in investment in 2023, economists have said. SSB has not yet released forecasts for that year however. "A large number of (investment plans) are expected to be submitted ... next year. The vast majority of these will probably be delivered late next year, but some minor development projects are also expected to be submitted earlier," SSB said. ($1 = 8.7551 Norwegian crowns)

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