Norway’s oil investments seen flattening in 2016 over lower oil prices and spending

Norway’s oil and gas investments, a cornerstone in the country’s economy, is seen flattening in 2016 after a year of decrease amid the drop in oil prices and tougher spending discipline among oil firms, data from Statistics Norway showed on Friday.

“Recent investment surveys indicate a significant decrease in the investment level in 2015. The oil companies` preliminary estimates indicate that the fall will flatten out in 2016,” the agency said in a statement.

The preliminary figures, compiled from oil firms by Statistics Norway, are expected to grow somewhat as companies update their plans later.

Meanwhile, 2015 investment plans were slightly higher than previously projected.