Oil and gas investment in Norway will grow faster than expected this year and next due to large projects, reaching a near record of 78.6 billion crowns ($11.49 billion) in 2005, Statistics Norway (SSB) said.

Total investment in oil and gas activity, including pipeline transport, is forecast to grow to 74.0 billion crowns this year from 64.4 billion in 2003, the statistics agency said.
Norway is the world’s third biggest oil exporter, pumping about three million barrels per day and Western Europe’s biggest natural gas producer, exporting about 200 million cubic metres per day.
The oil and gas sector accounts for about a fifth of Norwegian gross domestic product.
The new forecast for 2004 oil and gas investment was 2.8 billion crowns higher than the last estimate given in June, and the 2005 forecast was hiked by 20.6 billion as more plans for next year have firmed up, an SSB official said.
The estimate of 2005 petroleum investment is only slightly below a record of 79.2 billion crowns in 1998, but SSB official Atle Tostensen said that the forecast had never been higher at such an early point in the year.
Investment in exploration activity is expected to be 4.5 billion crowns in 2004, or at the same level as 2003, with exploration outlays seen up at 7.2 billion in 2005, SSB said.