Norwegian investments in the oil and gas industry will be higher than expected in 2019. Statistics Norway has raised its expectations by 6% to USD 21.1 billion.

The upward adjustment follows the expansion of two new projects, reports Norwegain newspaper Dagens Naeringsliv.

The Norwegian statistics bureau Statistik Sentralbyrå (SSB) now expects this year’s investments in the oil and gas industry to be 21% higher than last year. The bureau also raised its 2020 expectations with 9% to NOK 172.4 billion, which amounts to USD 19.7 billion.

Good news

“SSB’s forecasts are good news for all of Norway. It confirms that the oil and gas sector is growing strongly and that is great news for the 225,000 employees in the industry,” says Karl Eirik Schjøtt-Pedersen, director general of the Norwegian Oil and Gas Association.

The upward corrections are not just good news for the Norwegian oil and gas industry. The entire sector has had five difficult years since the oil price collapsed in 2014, with many companies being forced to restructure, move away from oil, or file for insolvency. Lately, however, there is renewed optimism in the market. The oil price seems to have stabilized, the oil majors are making lots of money again, and investment and employment are picking up.