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Norway's oil investments fall by about 16 percent in 2015

Xinhua, January 15, 2016 Adjust font size:

Norway's investments in the oil sector fell by about 16 percent in 2015 from the year before and are expected to continue their decline until 2019, the Norwegian Petroleum Directorate (NPD) said on Thursday.

From a record level in 2013 and 2014, Norway's oil investments fell to just under 150 billion kroner (17 billion U.S. dollars), down about 16 percent from 2014, according to a statement issued by the NPD, a government agency responsible for the regulation of the petroleum resources.

The investments in the oil sector are expected to continue their decline going forward, followed by a moderate increase from 2019, the NPD said.

While low oil prices have given rise to considerable challenges for the petroleum industry, significant remaining resources, combined with cost reductions and improved efficiency, can ensure continued high activity and future profitability, the agency said.

"Even in a demanding year, it's good to see that the oil and gas industry is still the country's largest, with total export values reaching well over 400 billion kroner (45.5 billion U.S. dollars), " NPD Director General Bente Nyland was quoted as saying.

"It is also gratifying to see that the industry has invested substantial effort in increasing efficiency. This work is starting to materialise in the form of lower costs," she added. Endit