2022 investment f39;cast raised by 4.8 to NOK 167 bln
Pandemicera tax breaks to boost plans for coming years
High oil investments underpin Norway rate hikes
OSLO, May 27 Reuters Norway39;s oil and gas companies have raised their investment forecasts for 2022 as they take advantage of high petroleum prices and tax incentives to boost activity, a national statistics office SSB survey showed on Friday.
The biggest business sector in Norway now expects to invest 167.2 billion Norwegian crowns 17.57 billion in 2022, up from a forecast of 159.5 billion crowns made in February, SSB said.
The upward adjustment for 2022 is driven by higher estimates within the categories field development, onshore activity and exploration and concept studies, the agency said in a statement.
Preliminary predictions for 2023 project investment of 130.6 billion crowns, down from 131.4 billion crowns forecast three months ago. The forecasts, however, remain subject to large revisions as more plans are prepared in coming quarters.
New developments will significantly increase the estimate for 2023, SSB said.
Led by statecontrolled Equinor and a range of foreign and domestic companies, the Norwegian oil industry39;s overall output stands at about 4 million barrels of oil equivalent per day, making the country western Europe39;s largest producer.
In 2020 Norway39;s parliament approved temporary tax incentives to support oil and gas investment in the face of a crash in petroleum demand…