Norway to Delay Oil Projects on High Costs – Minister

oilSeveral oil and gas projects to be developed in Norway in the next two years could be delayed on high costs and technological difficulties, Oil Minister Tord Lien said. Adding that some other projects will go on as planned, Lien explained that the private sector, not the government, has to find ways to limit the negative consequences of high costs. Another reason for delays could come from the low oil prices.
On Monday, Norway’s largest financial services group DNB wrote that oil prices are likely to affect investments.

‘If the oil price remains low over a long period, and if the fall makes oil companies reassess their long- term estimate for the oil prices, it will have negative consequences for oil investments in two-three years,’ DNB wrote on Monday.