March 1, 2012 / 1:06 PM / 5 years ago

UPDATE 1-Norway raises 2012 oil investment fcasts to new record

 * 2012 investments seen at NOK 186 bln vs NOK 184.6 bln seen in Dec
 * 2011 final investments estimated at NOK 146.3 bln

 (Adds detail)	
 By Gwladys Fouche	
 OSLO, March 1 (Reuters) - Oil and gas firms will invest a record 186
billion crowns ($33.47 billion) in Norway this year, its statistics agency said
on Thursday, as high oil prices encouraged energy firms to develop fields and
upgrade ageing installations at existing ones.	
  The Nordic country is the world's eighth-largest oil exporter and the
second-largest for gas. All its oil and gas output takes place at offshore
platforms, with some processing activities taking place onland.	
 Oil production has been on the decline since 2001 but oil prospects have
been revived by several big discoveries in the North Sea and the Arctic.	
 "Many new projects approved by the government in 2011 will have far greater
investments this year than last year," said the agency, which had predicted 2012
investments to reach 184.6 billion crowns in December 2011.	
 The new 2012 record represented a 27-percent jump on 2011 investments, now
estimated at 146.3 billion crowns.    	
 	
  Investments in the Norwegian oil and gas sector are expected to peak at 185
billion crowns ($32.21 billion) in 2014, according to figures released by the
Norwegian oil industry lobby (OLF) in November. 	
 Investments are then expected to fall in 2015 and 2016, the OLF has said,
although its estimates did not include the investments for a giant North Sea
find, Johan Sverdrup, that was the largest offshore discovery made in 2011 and
could be the third-largest ever made off Norway.	
 It is as yet unclear when precisely those investments will be made.
($1 = 5.5577 Norwegian kroner)	
	
 (Editing by William Hardy)	
 

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