A Norwegian lobby group has warned that the country’s oil and gas sector could be in for another two years of low investment, a news report said.
The Norwegian Oil and Gas Association said investment would fall to NOK 143billion ($16.93 billion) in 2017, down 7% on this year, Reuters reported.
It will then drop further to $15.5billion in 2018 as the downturn lingers longer than anticipated.
The association said: “Last year’s report predicted that 2017 would be a turning point for renewed investment growth.
“However, a lower level of costs and less optimistic price expectations mean the present view is that capital spending will level off over the next few years.”
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