Norwegian oil and gas companies have increased their investment forecasts for 2023 and 2024 due to cost inflation, a national statistics office (SSB) survey showed on Thursday.

The country’s biggest business sector now expects to invest 197.8 billion Norwegian crowns ($18.86 billion) in 2023, up from a forecast of 187.8 billion made in February, SSB said.

“There have been no new projects (added since the previous survey), so the increase is in already existing fields… Some of the increase in the estimate is related to the growth in the prices of many investment goods,” SSB added.

Official statistics showed investment prices in the petroleum sector increasing by 8.1% in the first quarter from a year earlier.

SSB also said weakening of the Norwegian crown against U.S. dollar and euro had reinforced price increase measured in crowns.

Oil companies also raised their investment forecast for next year to 181.9 billion crowns, from an initial estimate of 178.6 billion in February.
Source: Reuters (Reporting by Nerijus Adomaitis; Editing by Terje Solsvik and Christopher Cushing)