American investors pull out of the North Sea
Profitability is much higher in US shale oil than in the expensive Norwegian offshore industry, which is why energy company ConocoPhillips now plans to slow down its Norwegian investments, says chief economist.
BY JØRGEN RUDBECK
Towering salaries and high taxes. Maintaining a presence on the massive Norwegian offshore market is has its downsides too, especially if looking from a foreign investment perspective. And this is exactly what cheif economist Marianne Kah of American energy company ConocoPhillips did at an oil industry political seminar in Sandefjord, Norway, according to newspaper Dagens Næringsliv.
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