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Norwegian shelf to host 25 new projects with record cash flow this year

The country's continental shelf could be the site of 25 new oil and gas projects in 2022, seeing hitherto unseen levels of cash flow, deems Wood Mackenzie analysts. The crisis package from Oslo is driving much of the development, however.

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The Norwegian oil industry can expect approvals for up to 25 new projects on the continental shelf in 2022, entailing investments of up to NOK 265bn (EUR 26.47bn), assesses energy analysis firm Wood Mackenzie, reports domestic media E24.

Oslo's temporary crisis package, granting the sector tax cuts for the coming 12 months, has played role in attracting a record-high number of investment decisions, Woodmac writes in note, according to the media.

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