Offshore E&A To Push Investment Higher

BMI View: Statistics Norway forecasts that investment in the country's oil and gas industry will hit a record high of NOK194.3bn(US$32.59bn) in 2013. The most significant source of investment growth is likely to be Exploration and Appraisal (E&A) activity, while onshore investment is set to decline in 2013. This forecast is indicative of a growing focus on offshore in Norway, particularly as E&A activity inches towards the unexplored Arctic waters of the Norwegian Continental Shelf. Favourable outcomes from increased E&A could provide upside for total domestic oil and gas production growth, promising to stem a decline in oil production and boosting gas output to meet an expected rise in European demand.

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