UPDATE 1-State-owned Petoro worried over NCS delays

* Projects behind due stricter capital restraints

* Delays could reduce long-term value creation

(Writes through, adds details, comments)

OSLO, Nov 5 (Reuters) - Norwegian state-owned Petoro said on Thursday it was concerned over many delays to oil and gas projects on the Norwegian Continental Shelf (NCS), which could reduce long-term value creation.

Petoro said that even with relatively high crude prices over the past six months -- averaging $68 per barrel in the third quarter -- a number of oil companies on the NCS were affected by great uncertainty and strict capital discipline.

"A review of licences in which Petoro has holdings shows that many developments are failing to keep to agreed timetables. The company is concerned that such delays could reduce long-term value creation, and aims to push for progress in profitable projects," Petoro said in a statement.

The company said market uncertainty might encourage short-term thinking by numerous operators and that profitable projects were falling behind in part due to a "stricter prioritisation of capital spending on the NCS".

"Delays could lead to a loss of business opportunities down the road and reduce value creation," it said, adding it also could cut capacity and expertise in the supplies industry, threatening a new "cost explosion" when activity recovers.