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Norway's oil investments to tumble on low oil price: oil directorate

Reuters - UK Focus

OSLO, Jan 15 (Reuters) - Norwegian oil and gas investments will tumble this year and if oil prices stay below $60 per barrel for an extended period, more projects could be called off, cutting investments further and lowering output, the Norwegian Petroleum Directorate said.

The NPD now sees investments falling 15 percent year on year to 147 billion crowns ($19.1 billion) in 2015, well below its previous forecast for 180 billion crowns, and the figure would then drop to 135 billion in 2017, it said in a statement on Thursday.

"Total (Swiss: FP.SW - news) investments will decline by 21 per cent from 2014 to 2017," the oil directorate said. "If the oil price should remain at USD 50-60 per barrel over time, this will result in additional reductions in investments and exploration costs."

Norway's top oil producers include Statoil (Xetra: 675213 - news) , Shell (LSE: RDSB.L - news) , ConocoPhillips (NYSE: COP - news) , BP and Det norske . (Reporting by Balazs Koranyi, editing by Terje Solsvik)