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Oil firms reluctant to invest even in profitable fields: Norway minister

Tuesday, April 12, 2016 - 19:48

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Some oil firms operating offshore Norway are holding back investments to preserve cash even though they have profitable projects in their portfolios, the country's oil minister told Reuters on Tuesday.

[BERGEN, Norway] Some oil firms operating offshore Norway are holding back investments to preserve cash even though they have profitable projects in their portfolios, the country's oil minister told Reuters on Tuesday.

Tord Lien praised oil firms for cutting expenses following the plunge in crude prices since mid-2014, but said investments were still necessary.

"I believe we see a reluctance ... to lift even profitable projects," Mr Lien said on the sidelines of an energy conference. He declined to name any operators or fields.

REUTERS

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