Estimates for total investments covering oil and gas, manufacturing, mining and quarrying and electricity supply in Norway expected to fall in Norway in 2017, mainly due a decrease in oil and gas and manufacturing.
The projection, from Statistics Norway, comes as new figures for 2016 show total investments covering oil and gas, manufacturing, mining and quarrying and electricity supply are expected to amount to NOK 216.5 billion - or 9.9% down on the 2015.
Statistics Norway says the decline is mainly due to a significant fall of 14.8% within oil and gas, partly offset by higher investments in electricity supply and manufacturing.
The first estimates for 2017 show that total investments are expected to amount to NOK 200.6 billion, which is 14.6% lower than the corresponding figure for 2016. The decline is mainly due to a fall within oil and gas and manufacturing, says Statistics Norway.
The 2016 investments in oil and gas extraction and pipeline transport for 2016 are now estimated at NOK 165.9 billion, or 14.8% lower than the corresponding estimate for 2015, given in Q2 2015.
The decrease is due to lower investments in all categories. The fall is dominated by the decreases within exploration and fields on stream.
Investments for fields on stream in 2016 are now estimated at NOK 70.6 billion, 12.6% lower than the corresponding estimate given for 2015.
Investments in the exploration activity in 2016 are estimated at NOK 22.3 billion, some 30.1% lower than the corresponding figure for 2015, presented in Q2 2015.
First estimates for 2017 indicate further fall in oil and gas investments. The investments in oil and gas extraction and pipeline transport for 2017 are estimated at NOK 153.2 billion, a 18.7% fall on the corresponding estimate given for 2016 in Q2 of 2015.
However, Statistics Norway says the sharp decrease indicated from 2016-2017 should be interpreted with caution, due to the figures tending to change through the year and 2016 also not following traditional developments in the estimates. It is thought this is due to the decrease in crude prices during autumn 2015 and winter 2016.