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Norway's oil investments seen falling further next year OSLO: Norway's oil and gas investments, a cornerstone of the country's economy, are set to fall more than previously predicted next year, due to a sharp decline in exploration spending, data from Statistics Norway (SSB) showed on TuesdayOil and gas firms have slashed spending repeatedly in their struggle to cope with the 60 percent drop in oil prices since June last year.The fresh oil survey was broadly in line with the central bank's forecast and would have a limited impact on its rate decision at a December 17 meeting, economists said."We will probably slightly cut our forecast but it's not enough to trigger a rate cut in December," Danske Bank Chief Economist Frank Jullum said.Economists at SEB and DNB maintained their expectations for a rate cut at the December meeting, while Nordea and Handelsbanken predicted the central bank's key policy rate would remain unchanged at the current record low of ...

Oil rises on Middle East tensions, weaker US dollar LONDON: Oil prices rose on Tuesday as tensions in the Middle East escalated following the downing of a Russian-made fighter jet near the Syrian-Turkish border and a weaker U.S. dollar provided incentive for investors to buy more oil.Brent futures for January were up 44 cents to $45.27 a barrel at 1055 GMT, a 1 percent rise on Monday's close. West Texas Intermediate (WTI) crude was up 33 cents at $42.08."News of a military jet crashing ...
Nigeria's January crude oil exports to reach three-month high LONDON: Total exports of Nigerian crude oil are expected to rise by nearly 10 percent to a three-month high in January, according to initial loading programmes.Nigeria's export plan for January includes a total of at least 61.8 million barrels of oil, or 1.99 million barrels per day (bpd), the highest since October this year.Loading information for at least two programmes was still pending, meaning the total could rise further, but the programme was already five ...
Russia's Gazprom Neft says expects 2016 investments flat, at 380bn roubles MOSCOW: Gazprom Neft, the oil arm of Russia's top natural gas producer Gazprom, expects 2016 investments unchanged, at around 380 billion roubles ($5.8 billion), the company Chief Financial Officer Alexei Yankevich said during a conference call. He also said that the company projects its financing using average oil price of $45 per dollar for next three years. Copyright Reuters, 2015 ...
Statoil sees lower exploration activity next year OSLO: Oil major Statoil will drill fewer exploration wells next year but will continue to explore in its home base of Norway, offshore Canada and maybe in Russia in 2016, its exploration chief told Reuters on Monday.Statoil, like other oil firms, is cutting costs to protect dividend payments after 18 months of lower crude prices. Last month it said it would cut capital expenditure by another $1 billion to a total of $16.5 billion this ...
Premier Oil says plans further capex cuts in coming years LONDON: Oil producer Premier Oil plans to allocate around $400 million a year in 2017 and 2018 to capital expenditure (capex), it said in a presentation on Monday, as it trims investments to the minimum of projects on its radar.The company said earlier this month next year's capex budget would fall to $650 million, 38 percent lower than this year, as projects such as its North Sea Solan oil field reach completion and exploration spending ...
Med Crude: Urals surges in Surgut tender, provisional plan for Novo out MOSCOW: Urals crude price differentials in the Baltic surged in a spot tender on Monday, while the Novorossiisk provisional loading plan for December showed the port may cut exports compared to the current month. Urals crude exports and transit via the Black Sea port of Novorossiisk were set at 1.7 million tonnes in December. That was down from 1.85 million tonnes set for exports in the final loading plan for November. According to the plan, ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
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WeeklyNovember 23, 2015
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