Norwegian oil investments look set for big slide in 2016

Norway's central statistics bureau has published its latest numbers for investments in exploration and extraction of oil and gas expected to take place on the Norwegian Shelf next year. The country is in for a setback the likes of which the industry has not seen in years.

Photo: Gazprom

Following three years in which Norwegian investments in oil and gas projects have noted a solidly rising trend, this development will turn around 180 degrees for a big plunge next year, notes Norway's central statistics bureau, Statistisk Sentralbyrå.

Perhaps not that surprising, many would say, as everything indicates that the downturn in the oil and gas sector - both in Norway as well as most other places around the world - will emerge at full force and severity next year. Many industry players have made it through 2015 on contracts that had after all been signed at somewhat acceptable rates. Others have been forced to idle ship after ship, while others still, such as Seadrill, which published its results on Tuesday, have been forced to perform massive impairments.

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