Norway cuts oil budget by USD 23 billion

The Norwegian Petroleum Directive is now lowering its expectations dramatically for investments in the coming years. Energy companies on the Norwegian shelf will spend USD 23 billion less over the next five years.

BY KATRINE GRØNVALD RAUN

Published: 20.01.15 at 12:16

The Norwegian Petroleum Directive (Oljedirektoratet, OD), an independent public administrative body, is now putting numbers on the developments feared by the entire oil industry - namely the size of the Norwegian Petroleum Directive's estimated cost reductions on the Norwegian shelf.

"We expect a 20 percent decrease over the next five-year period," said Director General Bente Nyland when presenting the forecasts for the Norwegian Continental Shelf, according to Norwegian newspaper Stavanger Aftenbladet.