UPDATE 1-Norway oil firms raise 2022 investment forecasts

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(adds 2021 forecast, description, quote)

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OSLO, Nov 18 (Businesshala) – Oil and gas firms in Norway have increased their 2022 investment forecasts during the past three months as the industry prepares to take advantage of tax incentives designed to boost activity, a The National Statistics Office (SSB) survey showed. Thursday.

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SSB said the largest trading sector in Norway now expects to invest 154.4 billion Norwegian crowns ($17.6 billion) next year, up from a forecast of 142.0 billion in August.

Despite the increased forecast, investment is still set to decline in 2022 compared to this year. The 2021 forecast has now increased to 182.3 billion, up from 181.5 billion seen in August.

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Economists have said the change in Norwegian tax incentives introduced last year will lead to a sharp increase in investment in 2023. However, SSB is yet to release the forecast for that year.

“A large number of (investment schemes) are expected to be submitted… next year. Most of these will probably be delivered towards the end of next year, but some smaller development projects are also expected to be submitted earlier,” the SSB said. ($1 = 8.7551 Norwegian Crown) (Reporting by Terje Solsvik, Editing by Nora Bulli and Nerijus Adomatis)

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