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Norway oil & gas companies expect spending to drop 12% in 2015

Norway oil & gas companies expect spending to drop 12% in 2015

OSLO: Norway’s oil and gas companies expect spending to drop 12% this year after reaching an all-time high in 2014, an official survey showed Thursday, as plunging oil prices compound an expected slowdown after years of double-digit growth.

In 2015, oil companies operating in Norway, the world’s 10th-largest oil exporter, expect to invest 189.05 billion Norwegian kroner ($24.34 billion) in the industry, according to Statistics Norway’s first-quarter survey.

Oil companies said they planned to spend less than previously expected on exploration and the operation of existing fields, likely due to the plunge in oil prices since last June, the statistics agency said.