Wood Mackenzie cuts 50 bln dollars from Norwegian shelf

Analyst firm Wood Mackenzie slashes billions of dollars from its investment forecast for the Norwegian shelf. The market will reach rock-bottom in 2017 before inching up ahead of 2018, notes the firm.

Photo: Wintershall

Investment costs on the Norwegian continental shelf looks set to hit rock-bottom in mid-2017 before slowly rising again in light of an expected increase in the oil price and a pick-up in demand, projects analysts Wood Mackenzie in a new comment.

The firm has slashed USD 50 billion from its 2016-2020 capital investment forecast for Norway, attributing the move mainly to the fact that more than ten offshore projects on the shelf have now been postponed or canceled as part of the oil companies efforts to cut costs.

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