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.

Photo: Maersk Oil

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.

"We have plenty of investment opportunities in tight oil (a term for shale oil, found in tight and porous layers) in the United States that are for more favorable than the Norwegian shelf," said Marianne Kah, accordiing to the newspaper, adding:

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