NOG Welcomes "Strong Growth" in Norwegian Oil and Gas

The Norwegian Gas and Oil Association (NOG) has welcomed the news that oil and gas investments rose by 18 per cent in 2012 from 2011. The figures are based on a report released today by the country's statistics agency.

"The prospect of a sustained high level of activity in the Norwegian petroleum industry must be seen as positive in a period where growth in the mainland economy is going down," NOG of Head of Finance Bjørn Harald Martinsen, Head of Finance, said today.

Investment in Norway's oil and gas industry was found be up NOK 26 billion (€3.5 billion) from 2011 to NOK172.5 billion (€23.5 billion). However, despite the positive upturn, the final investment figures for 2012 were lower than census figures had previously projected, by NOK 8.1 billion (€1.1 billion).

In addition, projections for 2013 have also been lowered following the results. Initial estimations put total investment for the year to NOK198.7 billion (€26.8 billion). This figure has been revised downwards by NOK 9.1 billion (€1.2 billion).

The top fields for investment for 2013 are the Troll, Ekofisk and Oseberg fields, the statistics office said today.