Oil firms reluctant to invest even in profitable fields: Norway minister
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[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
Share with us your feedback on BT's products and services
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
