Norway to boost 2014 oil and gas industry investments by 4 percent

Norway to boost 2014 oil and gas industry investments by 4 percent The oil and gas industry investments in Norway will increase by 4 percent in 2014, Bloomberg reported.

Statistics Norway released a statement saying investments will rise to an all-time high to 223.3 billion kroner ($36.2 billion).

"A very high investment activity in many development projects is planned for next year," Statistics Norway said, according to Bloomberg. "Many of these will reach their investment peak in 2014."

The statistics agency said field development investments are expected to reach 79.4 billion kroner ($1.45 billion) in 2014.

As the world's eighth largest oil exporter, Norway's goal is to reduce oil and gas costs while increasing tax incentives for energy firms that explore offshore fields, according to Reuters.

Norway officials said they want oil and gas field recovery rates to grow from 46 percent, but did not specify how much. For every 1 percent of additional oil that is recovered, public revenues will rise by 300 billion kroner ($49.20 billion).

Norway's Minister of Petroleum and Energy Tord Lien said the government is working to determine whether changes in procedures or regulations will reduce costs, which may include providing tax incentives to increase rates of recovery.

More information on oil and gas exploration and production in Norway can be found on PennEnergy's research area.

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