Worst may be over for Norway's oil industry: agency chief

Stavanger, Norway

A TWO-year crisis in Norway's oil industry may be ending and more companies are willing to invest, the head of the agency overseeing the country's oil and gas resources said.

The sector, which accounts for 20 per cent of the Nordic country's economy, has been slashing jobs, costs and projects to cope with a 60 per cent fall in oil prices since June 2014.

But the worst of the belt-tightening may be over and the industry could be turning a corner, the head of the Norwegian Petroleum Directorate, Bente Nyland, said. "We are seeing that things…