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Norwegian Q3 oil investment show solid growth in oil investment in 2019 and moderate in 2020
The Norwegian third quarter oil investment survey indicates towards solid oil investment growth this year and about flat in 2020. This is close to Norges Bank’s view. The third quarter oil investment survey’s 2019 figures was downwardly revised a bit to NOK 182 billion.
This is a bit higher than Norges Bank’s forecast at NOK 176 billion. However, given that this year’s figure normally is downwardly revised, this is seen it as well in line, said Nordea Bank in a research report. In other words, oil investments would probably grow by around 14 percent in 2019 as Norges Bank has anticipated.
The 2020 figure is NOK 174 billion. This is slightly on the downside to the central bank’s forecast. Nevertheless, Statistic Norway mentions a lot of new projects which will give activity in 2020 but which are not in the survey.
“We expect an upward revision of the 2020 figure so that it ends up close to Norges Bank’s forecast. We therefore view Norges Bank’s forecast for 1 percent real growth in 2020 to be well in line with the survey. That is the conclusion Norges Bank will draw at the coming meeting in September”, added Nordea Bank.