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Norway faces 20% drop in oil investment after prices slump

Norway faces 20% drop in oil investment after prices slump

OSLO: Western Europe’s biggest oil and gas producer will probably see investments slump by one-fifth next year compared with 2014, when crude hit a peak, as the industry adjusts to considerably lower prices.

Investments by oil and gas companies operating in Norway will fall to 171 billion kroner ($20 billion) next year, 5.6 percent under a previous estimate, according to a quarterly survey by Statistics Norway. The estimate for this year was little changed at 192.8 billion kroner, but far below the 214.3 billion kroner spent in 2014