Norway's oil industry woes likely to deepen with further spending cuts

Oslo

SPENDING cuts by oil and gas companies operating in Norway are expected to deepen this year as crude remains mired in the low US$30s, adding pressure on the economy of western Europe's biggest producer.

Statistics Norway is scheduled to release its quarterly survey of oil and gas investments this week in Oslo. The report may show that spending this year is expected to fall below the 171 billion kroner (S$27.6 billion) that the survey estimated in November, according to analysts. That survey predicted a 9 per cent decline in investments this year.