Norwegian offshore spending to fall 11% in 2015: NOGA

摘要

The Norwegian Oil and Gas Association expects total capital spending offshore to fall 11% next year to NOK197 billion ($29 billion) from NOK221 billion in 2014. Association economics manager Bjorn Martinsen said spending thereafter would be between NOK190 billion and just over NOK200 billion per annum until 2019. The association warned that the world economy was still fragile six years after the global financial crisis began, energy demand had moderated and oil prices were at their lowest level in four years. Norway’s biggest producer by far, the 67% statecontrolled Statoil, has already announced a major costcontrol campaign amid the oil price fall. The group has announced delays and cancellations to projects and is continuing a multi-billion dollar, non-core asset sell-off to help fund other investments.