June 4, 2020 / 6:15 AM / a month ago

Norway oil firms slash investment plans amid pandemic, survey shows

OSLO, June 4 (Reuters) - Norwegian oil and gas investment, a key economic driver, will rise less than previously expected this year and decline sharply in 2021, an industry survey by the national statistics agency (SSB) showed on Thursday.

The closely watched forecasts, based on data from oil companies working in Norway, show 2020 investment plans have been cut to 180.3 billion Norwegian crowns ($19 billion) from 185.4 billion seen in February.

In 2019, investment stood at 177.5 billion crowns, SSB said.

Next year, investment in Norway’s oil sector is now projected at 145.6 billion crowns, compared to a forecast of 152 billion three months ago, SSB said. ($1 = 9.4754 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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