Reuters: Norway's 2015 oil and gas investment to fall more than expected

Norway's oil and gas investments, a key ingredient of economic growth, are expected to fall more than expected in 2015, a survey showed on Wednesday, weakening the crown and increasing the chance interest rates will be kept low.

Investment on the Norwegian continental shelf (NCS) is now expected to fall 13.9 percent in 2015 from 2014, a faster rate than the 12.3 percent year-on-year drop expected in June, when compared with the same forecast released in June last year.

Companies are now expected to invest 185 billion Norwegian crowns ($29.84 billion) in the sector down from 215 billion crowns in 2014.

"The new forecast indicates a steeper decline in oil investments compared to the central bank's forecast in June and it points to a lower interest rate path," said Kyrre Aamdal, chief economist at DNB Markets.
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