Wood Mackenzie’s annual review of Norway’s upstream oil and gas industry said that the sector “showed no signs of slowing down in 2013” – with high levels of development spend, asset deals, exploration activity, and a record NKr 176 Bn (US $30 Bn) capital investment. Heightened upstream activity has led to an increase in costs, impacting economic margins of a number of projects. In a bid to avoid the sector from overheating, the government announced Norway’s first petroleum tax increase in 20 years, said Wood Mackenzie.
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