Norwegian oil and gas investment expected to peak in 2014

Norwegian oil and gas investment expected to peak in 2014According to the Norwegian Oil and Gas Association, domestic oil and gas investments in Norway are expected to peak in 2014.

The industry group expects investment to peak at €28.9 billion (212 billion Norwegian kronor) and says the figure will stay around those levels until 2017. Norway’s oil sector has experienced an investment boom on the back of higher oil prices in recent years; ten years ago, total investment was €7.3 billion (NOK54 bn).

Gro Brækken, director general of the Norwegian Oil and Gas Association, said, “The activity level on the Norwegian shelf will be high and increasing in the coming years. New fields will be developed and existing installations will be maintained and upgraded.”

The association expected total investments offshore Norway at €25 billion (NOK184 bn) this year,  NOK199 billion in 2013 and NOK212 billion in 2014. It is then forecast to stay about flat until 2017, when investments are expected to be NOK205 billion.

Brækken continued, “Big discoveries so far this year shows that there are significant resources left in mature areas in the North Sea and Norwegian Sea. Meanwhile, we see that the Barents Sea is and will be a more important area for the industry.”

As big discoveries and opportunities continue to occur, Norway continues to search for experienced professionals from around the world to join the Norwegian oil and gas sector. Many companies are recruiting foreign talent through TUjobs.com, an online recruitment website that posts daily job vacancies.

For more information and to search for job opportunities in Norway, check out www.TUjobs.com.

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About Author: Chris Bolwig