After putting forth more than a dozen new projects at the end of last year, Norway’s oil and gas companies dramatically increased their investment predictions for 2023, a national statistics agency (SSB) survey revealed on Thursday.
According to the SSB, the largest industry in the nation now projects investing 187.8 billion Norwegian crowns in 2023, up from a prediction of 149.7 billion published in November.
Initial projections for 2024 indicated that investments will total 178.6 billion crowns the following year.
As Norway’s temporary tax benefits, which were authorized by the parliament in 2020 to stimulate offshore investments, expired at the end of 2022, oil companies rushed to submit new proposals.
These proposals include Aker BP’s $10 billion investment effort to build the Yggdrasil project, formerly known as NOAKA.
When businesses submit plans for development and operation (PDO) to the government, they are only then allowed to include spending on new offshore fields in the survey.
The plans are not anticipated to be in danger because the projects still need to receive formal approval from the government and, in many cases, the parliament.
