August 27, 2018 / 9:58 AM / in a month

Norway oil industry to see good times for next 3-4 years -agency chief

STAVANGER, Norway, Aug 27 (Reuters) - The Norwegian oil sector will experience three to four years of good activity, but major discoveries must be made to prolong activity after that, the head of the agency overseeing the country’s oil and gas resources told Reuters.

Norway’s leading industry has been on the mend for the past two years after a 2014-2016 downturn during which oil companies slashed investments, projects and jobs.

“We are still in the upturn phase (in the cycle). We have many developments of fields ongoing. We see the next three-four years are looking very promising,” Bente Nyland said in an interview on the margins of an energy conference.

“Then we will begin to eat into what we have of possibilities. We need to sow more. We hope for a big find that can continue activity,” she added. (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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