Norway's Q1 oil investment survey suggested that oil investments declined by 14% in 2016 as compared to 2015 levels. The print was weaker than Norges Bank's forecast of 11% decline. The decline was due to a 6 billion NOK downward revision of investments in exploration. Strong decline in the rig rates might be another reason for the drop in the oil investment.

Declining oil investments are expected to drag the economy's GDP growth close to zero (q/q) in H2 of 2015. Today's release shows that oil investments are likely to weigh on the economy's growth this year also.  

"If oil investment is to drop by 13% from 2015 to 2016 average quarterly drop will ease from 4 % last year to 2 ½% this year. That is the main reason why we expect growth to pick up somewhat this year" Nordea Banks said in a research note.